Baird cuts PT on Patterson Companies on slowing dental demand

Patterson Companies

02/09/2022 16:31

** Brokerage Baird says slower-than-anticipated dental
trends and continued market uncertainty can pressure Patterson
Companies Inc  PDCO.O , cuts PT to $33 from $35
    ** Baird believes there is little room for demand rebound in
dental consumables and it is skeptical on this year's pricing
tailwind to continue in 2023 
    ** PDCO on Thursday reported a drop in Q1 net sales as its
dental business was hurt by moderation in demand for infection
control products  urn:newsml:reuters.com:*:nL4N3082UB
    ** At least three other brokerages also cut PT on PDCO,
Piper Sandler cuts PT to $40 from $42, Evercore ISI cuts PT to
$26.50 from $34, Stifel cuts PT to $30 from $32 
    ** PDCO shares down 1.4% to $25.73 in morning trade
    ** Including session's decline, stock down ~12% YTD

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))