Henry Schein price target lowered to $77 from $83 at Piper Sandler

Piper Sandler analyst Jason Bednar lowered the firm’s price target on Henry Schein (HSIC) to $77 from $83 and keeps an Overweight rating on the shares. The firm says “the smart money” the past few years has been on Henry Schein coming up short on Street revenue estimates and lowering revenue guidance, and it seems like that’s a logical prediction yet again for Q1. Piper doesn’t believe there’s any large fundamental problem at Henry Schein, rather its limited confidence is tied to what’s been serial over guiding and misestimation of broader market performance despite macro conditions that signal otherwise. The firm is optimistic this string of shortfalls vs. guidance may be nearing an end. It thinks the bones here are good; the challenge of farsightedness just needs to be fixed.