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PDCO

Patterson Companies

$47.51

1.02 (2.19%)

, XRAY

Dentsply Sirona

$59.88

-0.28 (-0.47%)

11:09
11/22/16
11/22
11:09
11/22/16
11:09

Patterson plunges after report includes guidance cut, no Amazon pact

Shares of Patterson Companies (PDCO) are sliding after the company reported worse than expected quarterly results, lowered its guidance for 2017 and announced it has elected not to extend its exclusivity selling agreement with Dentsply Sirona (XRAY) beyond September 2017. Patterson's changes to the Sirona deal come on the heels of recent speculation that today's report from the company could include the announcement of a distribution deal with e-commerce giant Amazon (AMZN). RESULTS: This morning, Patterson Companies reported second quarter adjusted earnings per share of 56c and revenue of $1.42B, both below consensus expectations of 60c and $1.44B, respectively. The company also lowered its 2017 earnings per share view to $2.25-$2.35, below estimates of $2.64. "In light of both external market factors and our strategic decisions, we have re-examined our financial outlook for the year. When we entered fiscal 2017, our guidance was predicated on end markets similar to those experienced in fiscal 2016. But we, along with others in our industry, have seen softness in the U.S. dental market and challenges with branded pharmaceutical companies in our animal health business," the company said. EXCLUSIVE AGREEMENT CANCELED: Patterson also announced that it will not extend the exclusive portion of its Dentsply Sirona relationship after September 2017. "We expect this move, along with our sales realignment activities taken earlier in fiscal 2017, to better position Patterson Dental to serve the evolving dental market. In no way does this decision change our commitment to our long-standing partnership with Sirona," Scott Anderson, president and CEO of Patterson, said. CANCELLATION POSITIVE FOR DENTSPLY SIRONA: In a post-earnings note to investors, Piper Jaffray analyst Matt O'Brien noted that he is not surprised the exclusive selling agreement with legacy Sirona products was not extended given changing industry dynamics. Assuming Henry Schein (HSIC) starts selling legacy Sirona equipment, the analyst said he views it as a positive for Dentsply Sirona as this will ultimately allow the company to increase cross-selling opportunities with those customers. Further, O'Brien told investors that he has been calling for a cancellation of the exclusive selling agreement with Patterson, saying Dentsply has been adamant about realizing sales synergies through increased cross-selling opportunities. With the Patterson exclusive agreement formally ending in September, the analyst believes there will be a seamless transition to onboard Henry Schein. He reiterated an Overweight rating and a $70 price target on Dentsply Sirona's shares. AMAZON PARTNERSHIP: Rumors of a possible partnership between Patterson and Amazon have been circulating since the beginning of the month. Yesterday, Baird analyst Jeff Johnson speculated on the possibility of a distribution agreement with the e-commerce giant being announced today, saying that Amazon could fulfill orders placed through Patterson's order portal, lowering the latter's fulfillment costs and giving the company additional breathing room as it pursues DSO deals. PRICE ACTION: In morning trading, shares of Patterson have dropped over 19% to $38.31, while Dentsply Sirona's stock has slid about 1% to $59.22 per share.

PDCO

Patterson Companies

$47.51

1.02 (2.19%)

XRAY

Dentsply Sirona

$59.88

-0.28 (-0.47%)

AMZN

Amazon.com

$780.00

19.84 (2.61%)

HSIC

Henry Schein

$148.55

-8.41 (-5.36%)

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PDCO Patterson Companies
$47.51

1.02 (2.19%)

11/22/16
PIPR
11/22/16
NO CHANGE
PIPR
Patterson cancellation a positive for Dentsply, says Piper Jaffray
Piper Jaffray analyst Matt O'Brien believes Patterson Companies (PDCO) cancelling its exclusive selling agreement with legacy Sirona products beyond September 2017 as positive for Dentsply Sirona (XRAY). The move is unsurprising given the changing industry dynamics, O'Brien tells investors in a research note. He points out that the initial exclusive agreement was established in 1998. Assuming Henry Schein (HSIC) starts selling legacy Sirona equipment, the cancellation is a positive for Dentsply as this will ultimately allow the company to increase cross-selling opportunities with those customers, O'Brien argues. He's been calling for a cancellation of the exclusive selling agreement with Patterson saying Dentsply has been adamant about realizing sales synergies through increased cross-selling opportunities. The analyst reiterates an Overweight rating on Dentsply with a $70 price target. Patterson in pre-market trading is down 17% to $39.20 after reporting a decline in North American dental consumables sales of 2.5%. Dentsply shares are down 2% to $58.40.
11/21/16
BARD
11/21/16
NO CHANGE
BARD
Outperform
Baird expects Amazon.com distribution announcement with Patterson
Following industry conversions, Baird analyst Jeff Johnson expects Patterson Companies (PDCO) to announce an Amazon.com (AMZN) distribution agreement tomorrow. What the analyst hadnt considered and is now hearing is that Amazon could fulfill orders placed through Patterson's order portal, lowering Patterson's fulfillment costs and given the company breathing room as it pursues DSO deals. Johnson rates Patterson a Neutral with a $48 price target.
10/05/16
UBSW
10/05/16
INITIATION
Target $48
UBSW
Neutral
Patterson Companies initiated with a Neutral at UBS
Target $48.
11/01/16
NRCS
11/01/16
NO CHANGE
NRCS
Amazon.com should partner with Patterson Companies, says Northcoast
Northcoast said Amazon.com (AMZN) has a strong interest in entering the dental market and has spent time and resources attempting to build relationships with manufacturers and distributors to gain product procurement, which so far has been unsuccessful. The firm's analyst said Patterson (PDCO) is aggressively trying to reinvent how dental distribution will occur in the future and is building a new IT backbone, making huge investments in technical service. Northcoast said Patterson is on a path to disrupt the industry and could accelerate this effort with a partnership with Amazon. The firm continues to view Patterson as undervalued, with out without Amazon, and recommends investors build positions at this time.
XRAY Dentsply Sirona
$59.88

-0.28 (-0.47%)

09/22/16
09/22/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: Packaging Corp. (PKG) initiated with a Sell at Goldman. 2. Netlist (NLST) initiated with a Buy at B. Riley. 3. Weyerhaeuser (WY) initiated with a Conviction Buy at Goldman. 4. bluebird bio (BLUE) reinstated with a Buy at Roth Capital. 5. Dentsply Sirona (XRAY) initiated with a Neutral at JPMorgan. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/01/16
11/01/16
UPGRADE
Target $69

Overweight
Dentsply Sirona upgraded on growth, valuation at Morgan Stanley
As previously reported, Morgan Stanley upgraded Denstply Sirona to Overweight from Equal Weight and raised its price target to $69 from $65. Analyst Steve Beuchaw said Densply's relative valuation weakness positions the company for better performance despite negative dental market sentiment. He expects Dentsply's organic growth to accelerate in 2017 driven by digital dentistry adoption, a focus on commercial headcount, easing digital equipment comps, and revenue synergies. Beauchaw expects the company's double digit free cash flow growth potential to improve investor sentiment.
11/01/16
MSCO
11/01/16
UPGRADE
MSCO
Overweight
Dentsply Sirona upgraded to Overweight from Equal Weight at Morgan Stanley
AMZN Amazon.com
$780.00

19.84 (2.61%)

11/18/16
OPCO
11/18/16
NO CHANGE
OPCO
Public cloud infrastructure market will be $62B by 2020, says Oppenheimer
Oppenheimer analyst Timothy Horan says "the race is on" for public cloud providers to get as much of their customers' data on their respective cloud platforms as possible. The analyst believes Amazon (AMZN) Web Services, Microsoft (MSFT), and Alphabet's Google (GOOG; GOOGL) have ambitions to become the dominant OS of the cloud, and to do so these companies will aim to have integrated solutions from the infrastructure layer to services through first-party offerings and/or the development of a strong partner channel. He views AWS as the primary wholesale cloud platform and Microsoft as the enterprise platform. However, given the relative immaturity of the market and the massive $1T opportunity, all three have been successful focusing on multiple segments, Horan adds, noting that he expects the public cloud infrastructure market to be $62B by 2020.
11/21/16
SBSH
11/21/16
NO CHANGE
Target $16
SBSH
Buy
Citi fields Pandora questions after Amazon on-demand launch
Citi analyst Mark Kelley says he's received a lot of questions from investors over the last few days on the impact from potentially lower prices for Pandora's (P) on-demand offering after Amazon (AMZN) launched a competing service. Amazon's on-demand offering costs $7.99 per month for Prime users, or $3.99 if you only want to listen on your echo device. Non-Prime users must pay $9.99 per month. The launch by Amazon has caused some speculation in the press that Apple (AAPL) is going to lower its prices, Kelley tells investors in a research note. The analyst does not expect Pandora to lower the price of on-demand to $7.99 per month. Kelley still believes on-demand music is the way the industry moves forward and he remains bullish on Pandora's long-term opportunity. The analyst has a Buy rating on the shares with a $16 price target.
11/17/16
PIPR
11/17/16
NO CHANGE
PIPR
Piper sees Trump-related Internet selloff as 'rare opportunity'
Piper Jaffray analyst Gene Munster says he would be "buying the fear" priced into Internet mega-caps. Concerns of President-Elect Trump's impact on tech companies are being largely extrapolated from sound bites that are unlikely to manifest during Trump's presidency, Munster tells investors in a research note. The selloff in "best-in-class" large cap internet stocks Apple (AAPL), Amazon.com (AMZN), Alphabet (GOOG), Facebook (FB) and Netflix (NFLX) presents a "rare opportunity," Munster writes. He believes Trump's threats towards Amazon are without merit and that net neutrality is unlikely to be reversed. He finds the valuations for each of the mega-caps "very attractive."
HSIC Henry Schein
$148.55

-8.41 (-5.36%)

10/11/16
GSCO
10/11/16
UPGRADE
Target $185
GSCO
Buy
Henry Schein upgraded to Buy from Neutral at Goldman
Goldman Sachs analyst Robert Jones upgraded Henry Schein to Buy saying the 9% pullback since the Q2 results has put the shares below their five-year historical premium to the S&P 500. The analyst views the company as a "high-quality, consistent EPS grower." He upped his price target for Henry Schein shares to $185 from $157.
10/05/16
UBSW
10/05/16
INITIATION
Target $186
UBSW
Buy
Henry Schein initiated with a Buy at UBS
Target $186.
10/14/16
BARD
10/14/16
DOWNGRADE
BARD
Neutral
Henry Schein downgraded to Neutral from Outperform at Baird

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UAL

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UAL

United Continental

$77.97

1.1 (1.43%)

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