Patterson Companies downgraded to Sell from Neutral at Goldman Goldman downgraded Patterson (PDCO) due to its leverage to Sirona Dental's (SIRO) new intraoral camera, Omnicam, and potential supply constraints. Price target raised to $33 from $29. Note Goldman downgraded Sirona Dental this morning due to Omnicam concerns.
Patterson retains BofA Merrill to explore potential sale of medical business Patterson has retained BofA Merrill Lynch to explore the potential sale of the medical business. Through the last 12 months ended January 2015, sales and adjusted operating income of the medical segment were $468M and $64M, respectively. Management has determined that this unit, while well positioned in the marketplace, is not a core part of the company’s long-term growth strategy. Patterson believes that positioning the company to focus on the dental and veterinary markets provides an opportunity to build scale and capabilities.