UBS Starts Patterson Companies (PDCO) at Neutral
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UBS initiates coverage on Patterson Companies (NASDAQ: PDCO) with a Neutral rating and a price target of $48.00.
Analyst Michael Cherny commented, "We are initiative coverage of Patterson Companies with a Neutral rating and a $48.00 price target. Over the last two years, PDCO has meaningfully re-architected its portfolio, selling its declining Medical business while also doubling down on Animal Health (and expanding into production animal) through its acquisition of AHI. While these moves position the company for more sustainable long-term growth, the challenges faced currently in the production animal market, combined with a number of cost headwinds, leave limited upside to our view of fair value on an intermediate basis."
Shares of Patterson Companies closed at $45.11 yesterday.
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