Dentsply Sirona downgraded to Hold from Buy at Jefferies

Jefferies analyst Glen Santangelo downgraded Dentsply Sirona (XRAY) to Hold from Buy with a price target of $20, down from $30. Investor sentiment has become “very negative” and the shares trade at the lowest valuation in the dental peer group, the analyst tells investors in a research note. The firm says that in addition to macro concerns, Dentsply has a number of company-specific issues, such as Byte and the regulatory investigation, that will keep the shares range-bound. Jefferies cites limited visibility for the downgrade.