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.
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