Allen Lutz, an analyst from Bank of America Securities, maintained the Hold rating on DENTSPLY SIRONA (XRAY – Research Report). The associated price target is $38.00.
Geoff Meacham has given his Hold rating due to a combination of factors that suggest cautious optimism for DENTSPLY SIRONA’s (XRAY) performance. The company’s updated forecast for fiscal year 2023, which anticipates net sales at the higher end of previous estimates, signals a positive trend that aligns with market expectations. This upward revision is supported by the growth in some of the company’s core segments, such as Essential Dental Solutions, Wellspect Healthcare, and Orthodontic and Implant Solutions. However, Meacham remains wary regarding the visibility of the company’s performance into 2024, especially in light of the reduced outlook provided in the third quarter of the previous year due to broader macroeconomic challenges.
The company’s reaffirmation of its earnings per share (EPS) outlook for 2023 and the projection of double-digit EPS growth in 2024 are encouraging signs. These targets depend significantly on DENTSPLY SIRONA’s ability to achieve margin expansion through various internal measures, including restructuring savings and reductions in selling, general, and administrative expenses (SG&A). Nevertheless, the current macroeconomic environment remains uncertain, as indicated by commentary from peers in the industry. This lack of clarity on broader economic conditions and distributor challenges leads Meacham to maintain a cautious stance on the company’s 2024 outlook. Consequently, he upholds a Neutral rating with a price objective of $38.00.
According to TipRanks, Lutz is an analyst with an average return of -2.2% and a 50.00% success rate. Lutz covers the Healthcare sector, focusing on stocks such as Walgreens Boots Alliance, GoodRx Holdings, and R1 RCM.
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DENTSPLY SIRONA (XRAY) Company Description:
DENTSPLY SIRONA, Inc. engages in the design, manufacture, sales, and distribution of professional dental products and technologies. It operates through the Technologies and Equipment, and Consumables segments. The Technologies and Equipment segments comprises dental technology, equipment, and healthcare consumable products such as dental implants, laboratory dental products, computer-aided design and computer-aided manufacturing systems, imaging systems, treatment centers, and consumable medical device products. The Consumables segment offers preventive, restorative, instruments, endodontic, and orthodontic dental products. The company was founded in 2016 and is headquartered in York, PA.
Read More on XRAY:
- Dentsply Sirona to Present at J.P. Morgan Healthcare Conference, Provides Update on Anticipated Full Year 2023 Results
- Dentsply Sirona to Present at the 42nd Annual J.P. Morgan Healthcare Conference
- Dentsply Sirona Declares Quarterly Cash Dividend
- Dentsply Sirona management to meet virtually with Barrington
- Dentsply Sirona initiated with a Buy at Needham
