JPMorgan upgraded Henry Schein to Overweight from Neutral with a price target of $82, up from $71. The analyst believes some of the uncertainty around the company’s 2024 outlook may be overdone. The firm increased estimates for 2024 slightly to reflect a lower expected cybersecurity headwind and believes that its estimates incorporate a reasonable amount of conservatism around the macro environment. JPMorgan now sees a path for Henry Schein to move past 2023 where it underperformed dental peers and work through several overhangs in 2024.
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