UPDATE: Stifel Nicolaus Initiates DENTSPLY International at Holdon Generic Implant Risk

Stifel Nicolaus initiated coverage on DENTSPLY International (NASDAQ: XRAY) with a Hold rating.Stifel Nicolaus noted, "Diligence points to concerns in the dental implant market, a potential for moderating growth in endodontics, and doctor checks that reveal slightly deteriorating U.S. dental patient volume. Collectively, the implant and endodontic specialty divisions as well as the consumables businesses (preventives and restoratives) account for approximately 70% of DENTSPLY's total revenue (x-precious metals). Despite the stock's current NTM P/E multiple, which reflects a slight discount to its historical average, our work in these various business units keeps us on the sidelines."DENTSPLY International closed at $39.66 on Wednesday.