HSIC - Henry Schein Envista cut at Baird after dental survey suggests drop in patient volume

Baird cut its rating on Henry Schein (NASDAQ:HSIC) and Envista (NVST) but maintained an Outperform rating on Align Technology (NASDAQ:ALGN) after the firm's dental survey pointed to slowing patient volumes. Baird analyst Jeff Johnson downgraded Henry Schein to Neutral from Outperform with a price target of $88, from $103. While, Envista (NVST) was cut to Neutral from Outperform with a price target of $46 from $54. Johnson said that the firm's June dental survey suggests moderate slowing for patient volumes and diminishing spending expectations for dental devices. The analyst is also worried that voluntary spending on dental could decrease more than in past cycles, in a consistently high inflationary scenario. The analyst has a Neutral ratings on 'nearly all' dental stocks, but Johnson maintained an Outperform rating on Align (ALGN) due to its valuation and his expectations for a speedy recovery in ortho than in general dental demand.

For further details see:

Henry Schein, Envista cut at Baird after dental survey suggests drop in patient volume