UPDATE: Barrington Downgrades Patterson Companies to Market Perform After Achieving Price Target

In a report published Tuesday, Barrington Research analyst Charley Jones downgraded the rating on Patterson Companies

from Outperform to Market Perform, but reiterated the $38.00 price target. In the report, Jones noted, “We are reducing our investment rating on PDCO to MARKET PERFORM from OUTPERFORM after achieving our price target of $38. With a new technology cycle starting in CAD/CAM, we continue to believe PDCO is well positioned within to drive both growth and leverage in FY/14. That being said, we are reducing our rating to MARKET PERFORM as we believe the slower growth environment will be somewhat restrictive of meaningful share price increases given the current high‐teens multiple.” Patterson Companies closed on Monday at $38.68.