Piper Sandler Upgrades Patterson Companies (PDCO) to Overweight; Buy Into Earnings
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(Updated - June 17, 2021 7:10 AM EDT)
Piper Sandler analyst Jason Bednar upgraded Patterson Companies (NASDAQ: PDCO) from Neutral to Overweight with a price target of $44.00 (from $34.00).
The analyst commented, "We’re upgrading shares of PDCO to Overweight and would be buyers ahead of next week’s FQ4-21 release. The factors that we’ve been wanting to see click into place before turning more constructive have now done so, with a favorable near- to intermediate-term outlook for PDCO's end markets, continued management execution in expanding OM%, and an undemanding valuation. It’s the coalescing of these factors ahead of FQ4 results when we expect management will offer above-Street FY’22 EPS guidance that makes our call today one where we believe investors should own PDCO into this event. As we also consider improving fundamentals at PDCO in recent quarters, we see a valuation mismatch vs. the broader market that presents an opportune entry point for investors, with our new $44 PTbased on 19x NTM+1 EPS and only slightly above historical relative averages."
Shares of Patterson Companies closed at $35.41 yesterday.
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