UPDATE: Piper Sandler Assumes Henry Schein (HSIC) at Overweight
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Piper Sandler analyst Jason Bednar assumes coverage on Henry Schein (NASDAQ: HSIC) with an Overweight rating and a price target of $83.00.
The analyst commented, "We are assuming coverage of HSIC today with an Overweight rating and $83 price target. Dental market uncertainties notwithstanding, our call on shares today is a reflection of confidence in management’s long-term strategies being effective to keep HSIC a high quality, market-leading franchise that consistently delivers upper-single to low-double digits earnings and cash flow growth. This includes an emphasis from HSIC leadership on anticipating and pivoting to emerging market trends in both dental (DSOs, specialty categories, cloud-based software) and medical (care shift away from acute care settings),while near-term developments should also buffer against uncertain post-COVID dental/medical utilization (PPE use and COVID testing look durable). Combine all of these factors with valuation on shares that looks attractive relative to historical levels and the broader market, and we see HSIC as a solid core holding for long-term healthcare investors."
Shares of Henry Schein closed at $70.13 yesterday.
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