By Baird Equity Research
February 3, 2014
We hosted investor meetings at Yankee Dental in Boston and came away believing underlying domestic dental demand remains fairly stable. But with transient 1Q issues to navigate (weather), valuations still high for some (especially ALGN), and near-term CAD/CAM purchase cycle uncertainties growing, our generally cautious view on dental stocks is unchanged, with HSIC remaining the most attractive of the group and XRAY an interesting out-of-consensus long, in our view. Our Neutral ratings on SIRO, PDCO, and ALGN are unchanged.
Read the full report: “Medical Technology: Yankee Dental 2014; Trimming Most 1Q Estimates.”
