Morgan Stanley analyst Steve Beuchaw said Patterson Companies' (PDCO) continued share losses and market deterioration make the right multiple "unknowable" and calling the bottom for the stock challenging. His end market tracking and field checks continued to skew negative in recent months, but then Henry Schein's (HSIC) results suggested he was too cautious. However, Patterson's report shows that Henry Schein's execution and DSO positioning obscured an environment that does look tougher overall in Q4, said Beuchaw. He keeps an Underweight rating on Patterson and lowered his price target on the stock to $20 from $31.