Patterson Companies price target lowered to $37 from $40 at BofA

BofA lowered the firm’s price target on Patterson Companies to $37 from $40 and keeps a Buy rating on the shares. The firm has lowered its FY24 and FY25 EPS estimates, largely reflecting lower equipment revenue expectations and the follow-through on decremental leverage, but expects Patterson to execute ahead of the market despite ongoing macro concerns around dental utilization and equipment purchasing trends that continue to weigh on investor sentiment, the analyst says. The most important near-term catalyst will likely continue to be the pacing of dental office volume trends in the U.S., the analyst added.