UPDATE: Stifel Nicolaus Raises PT to $41 on Patterson Companies on Positive Omnicam Impact
Stifel Nicolaus maintained Patterson Companies (NASDAQ: PDCO) with a Buy rating and raised the price target from $39.00 to $41.00.
Stifel Nicolaus commented, "Positive Omnicam diligence (5-10% of PDCO total sales) is a benefit for Patterson's dental equipment business. We bump our price target from $39 to $41 to reflect our favorable Omnicam replacement analysis and a function of expanding multiples within the peer group. However, with overall dental trends yet to meaningfully turn (dental consumables are 35% of Patterson's sales) we are more favorably disposed toward Sirona as the Omnicam product cycle has a more profound impact on numbers."
Patterson Companies closed at $36.81 on Tuesday.
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