Dentsply Sirona downgraded to Market Perform at Leerink on lack of visibility

As previously reported, Leerink downgraded Dentsply Sirona (XRAY) to Market Perform from Outperform with a price target of $21, down from $32, citing Q3 results and “a number of ongoing uncertainties on the full growth profile.” The firm, which says it is “admittedly late on this” call, cites the lower visibility on revenue growth, the pull-through dynamics into the next few years, and the pathway to returning to normalized growth, as well as a lack of details on the announced investigation in Germany that management disclosed on the call, which it contends “at a minimum can serve as a near-term overhang on the stock.”