- HC Wainwright has cut the price target for Dentsply Sirona Inc (NASDAQ:XRAY) from $58 to $48 (17% upside), reiterating the Neutral rating.
- The analysts have adjusted 2022 projections to reflect lower than expected Q1 FY22 earnings.
- Management noted that the results reflect weaker sales performance in the U.S., global supply chain challenges, and foreign exchange headwinds.
- HC Wainwright's estimated adjusted EPS (from 1Q22 to 4Q22) drops to $2.62 from $3.14, and the 2022 revenue projection decreases to $4.153 billion from $4.356 billion.
- Earlier this week, the company also appointed John Groetelaars, who serves on the Company's Board, as Interim Chief Executive Officer and initiated a search to identify the next CEO.
- The Board has also appointed Barbara Bodem as Interim Chief Financial Officer, effective upon Jorge Gomez's previously announced departure on May 6, 2022.
- "In our view, a new management team may have the potential to help the Company resume organic sales growth later this year," the analysts tell investors.
- Price Action: XRAY shares are down 2.38% at $41.09 during the market session on the last check Friday.
