Patterson Companies initiated with an Outperform at Leerink

Leerink initiated coverage of Patterson Companies with an Outperform rating and $36 price target. Leerink sees Patterson as still having a range of both revenue and cost-driven upside opportunities, underpinned by what has been a steady core consumables growth trend, the analyst tells investors in a research note. While there remains volatility for dental equipment sales on a quarterly basis, the long-term run-rate should fall in line with market growth-plus, the firm says.