Patterson Companies price target lowered to $23 from $25 at Evercore ISI

Evercore ISI lowered the firm’s price target on Patterson Companies to $23 from $25 and keeps an In Line rating on the shares following the fiscal Q1 report. The firm says that while many of the dental headwinds may be temporary, it sees lingering macro concerns as likely to continue to weigh on dental and animal health spending in fiscal 2025. As such, it has taken a more conservative view on Patterson’s growth for the rest of the fiscal year. The Q1 earnings shortfall “adds risk to the now steeper” second half ramp embedded within management’s reaffirmed fiscal 2025 guidance, the analyst tells investors in a research note.