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Fly News Breaks for September 16, 2015
XRAY, SIRO
Sep 16, 2015 | 08:29 EDT
Stephens believes the strategic rationale for the proposed merger of Sirona Dental (SIRO) and DENTSPLY (XRAY) is "undeniable" and the long-term potential is "compelling," but it also thinks shareholders are likely to be mixed in their reception due to the lack of an upfront premium. The firm, which thinks the potential for a competitive bid "must be considered," keeps its Overweight rating and 12-month price target of $113 on shares of Sirona Dental, which are down about 4.6% to $94.70 in pre-market trading.
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