Fly News Breaks for January 9, 2020
XRAY, PDCO, HSIC
Jan 9, 2020 | 06:22 EDT
BofA analyst Michael Cherny downgraded Henry Schein (HSIC) to Underperform from Neutral with a price target of $65, down from $71. Cherny tells investors in a research note that the overall market for dental distribution has been soft for a multiyear basis, yet Henry Schein has been able to outpace Patterson (PDCO) growth in particular due to share gains and strong customer growth; however, he says recent trends have been more muted, calling into question the pacing for outsized growth on an intermediate basis. Although he does not see a significant amount of downside in shares on a near-term basis, he expects Patterson as well as pure play dental manufacturer Dentsply Sirona (XRAY) to be better-positioned for outsized growth relative to expectations.
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