Barrington Maintains Outperform on Patterson Companies

Barrington Research has published a report on Patterson Companies

after the company reported its 2Q earnings. In the report, Barrington writes, "PDCO recently reported Q2/12 results that were lower than expected on revenue and EPS. PDCO reported revenue of $856.9 million this quarter, relatively unchanged from Q2/11, and lower than the consensus revenue estimate of $885.4 million. Non-GAAP EPS was $0.46, slightly lower than $0.45 in Q2/11 and the consensus of $0.48. Moving forward, Patterson is making significant investments in their Veterinary segment in the technologies that they offer in order to round out their full service platform. Also, this quarter PDCO opened the new Patterson Technology Center (

) facility. This new facility replaced an existing one, and has 400 people working hard to innovate the dental, veterinary, and medical products and equipment that they are trying to sell. The PTC is a driving force for Patterson to remain a significant competitor in the marketplace." Barrington maintains its Outperform rating and $36 price target on Patterson Companies, which is currently trading down $0.15 from yesterday's $28.37 closing price.