UBS reiterated a Neutral rating on Dentsply International (NASDAQ: XRAY), and raised the price target to $64.00 (from $60.00), following the company's 1Q earnings report. The company's solid results were driven by CAD/CAM and operatory focused consumables. Sales guidance for 2016 was provided for the first time of 4-6% CC growth, which translates into $3.73-$3.81 bil. Management also guided to EPS of $2.70-2.80 for 2016.

Analyst Matt Miksic commented, "XRAY printed a solid quarter with strength driven by CAD/CAM and operatory focused consumables. Widely anticipated 2016 guidance is solid with potential for upside, with strong top line CC growth of 4-6%. The mid-point of EPS guidance of $2.75 implies 5% growth and includes puts and takes related to FX and additional share issuance. European performance was also impressive with 3% CC growth driven by both Technologies and Consumables, but management commentary leads us to believe that there is still mixed market development. Finally, integration plans appear to be on track and management reiterated $125 mil of synergies by Year 3. While the primary focus obviously remains on integration and the synergies at hand, management also remains open to tuck-in acquisitions and potential share buybacks to enhance shareholder value. We reiterate our Neutral rating and raise our price target from $60 to $64."

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Shares of DENTSPLY International closed at $61.75 yesterday.