Goldman Sachs Downgrades Patterson Companies (PDCO) to Sell, Sees 7% Downside

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Goldman Sachs downgraded Patterson Companies (NASDAQ: PDCO) from Neutral to Sell with a price target of $33.00 (from $29.00), suggesting 7% downside.

The firm said the exclusive distribution relationship with SIRO and the potential capacity constraints with Omnicam challenges in CY1H12. The firm also sees less support from its other segments given tough Vet comps ahead and ongoing challenges in Medical. In addition, shares are trading at a 24% premium to the S&P, versus its historical average of 14%.

For an analyst ratings summary and ratings history on Patterson Companies click here. For more ratings news on Patterson Companies click here.

Shares of Patterson Companies closed at $35.61 yesterday, with a 52 week range of $29.25-$36.42.

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