Henry Schein downgraded to Neutral at Baird

Baird analyst Jeff Johnson downgraded Henry Schein to Neutral from Outperform. The analyst is more cautious on the combination of the dental sector’s secular overhangs, softer Q4 patient volume checks, and accelerating equipment pricing pressures. He trimmed his estimates across the sector and believes lower EBITDA will drive a lower sum-of-the-parts valuation. Johnson lowered his price target to $85 from $95 on Henry Schein shares.

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