DENTSPLY SIRONA (XRAY) PT Lowered to $60 at Stifel, Following Earnings

Stifel analyst Jonathan D. Block lowered the price target on DENTSPLY SIRONA (NASDAQ: XRAY) to $60.00 (from $64.00) while maintaining a Hold rating.

Analyst comments: "Despite the solid print, and a relatively cheap stock (+MSD top-line growth profile; low-teens NTM EBITDA), shares traded off as investor sentiment seemingly soured. We believe this is attributable to the Byte acquisition, which posted solid 1Q21 and 2Q21 results, but took a turn for the worse in 3Q21 and is now at risk of missing its goal of exiting 2021 at a $200MM run-rate. If this were to occur, the 2022 trajectory would be impaired, and Byte’s 2022 contribution to organic growth likely diminishes."

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