Patterson Companies price target lowered to $29 from $31 at BofA

BofA lowered the firm’s price target on Patterson Companies to $29 from $31 and keeps a Buy rating on the shares. Q1 results were worse than expected, but this was largely a function of “transient items,” the analyst tells investors. While a low single digit dental consumables growth rate does indicate that the end market is slowing to some extent, given the additional cybersecurity related headwinds experienced by Henry Schein, the firm expects Patterson to continue to outgrow its peer in the near-term, the analyst says.