As previously reported, Morgan Stanley analyst Steve Beuchaw downgraded Dentsply Sirona (XRAY) to Equal Weight from Overweight, estimating that its revenue and EPS growth were pressured by 1% and 2%, respectively, over the last two years by inventory reductions by Patterson Companies (PDCO). Additionally, modest organic growth continued into Q2, suggesting that the headwind from the loss of exclusivity with Patterson has not been offset as anticipated by Dentsply's new relationship with Henry Schein (HSIC), Beuchaw tells investors. Second half guidance confirms channel positioning remains a headwind, while the company's guidance cut reflects inventory pressures re-accelerating from both Patterson and Henry Schein, added the analyst, who cut his price target on Dentsply shares to $40 from $54.