Henry Schein downgraded to Neutral from Outperform at Baird

Baird downgraded Henry Schein (HSIC) to Neutral from Outperform with a price target of $72, down from $82. The firm cites concerns that the company’s biggest customer, Heartland Dental, may be looking to transition away from it by year-end for the downgrade. Channel checks suggest Heartland may be considering direct manufacturer consumables and equipment agreements with a non-dental U.S. medical dealer, the analyst tells investors in a research note. Baird thinks such a move could become an added overhang on the stock.