UPDATE: Credit Suisse Reiterates On Henry Schein Following 3Q14 Earnings Results

In a report published Friday, Credit Suisse analyst Glen Santangelo reiterated a Neutral rating on

, and raised the price target from $121.00 to $135.00. In the report, Credit Suisse noted, “We have revisited our HSIC model following the 3Q14 earnings results and conference call this morning. Our updated model incorporates 3Q14 results, 2015 guidance, and the latest commentary around the company's key end markets. We are adjusting our F14 and F15 estimates to $5.38, $5.95, and $6.59 from $5.37, $6.02, and $6.64, respectively. Our new PT of $135 (from $121) implies shares can trade at roughly 22-23x our F15 EPS estimate of $5.95. The higher-than-historic-average target multiple reflects a higher market multiple as well as the potential outlook for improvements in key end markets.” Henry Schein closed on Thursday at $130.29.