Dentsply International (NASDAQ:XRAY) was upgraded by Bank of America Corp. from an “underperform” rating to a “buy” rating in a research note issued on Friday, American Banking & Market News reports. The firm currently has a $48.00 target price on the stock, up from their previous target price of $35.00. Bank of America Corp.’s price target would indicate a potential upside of 7.89% from the stock’s previous close.
The analysts wrote, “While weak global macroeconomic conditions and lackluster utilization trends have kept dental sentiment low, improving employment and consumer spending patterns as well as recent data points from industry constituents suggest a sustained turnaround in underlying dental demand. While we are maintaining 2013 EPS and our Street high 2014 EPS of $2.60, we are raising our Price Objective to $48 (from $35) on greater conviction in its growth prospects in 2014 and beyond. We also raise our rating to Buy.”
Shares of Dentsply International (NASDAQ:XRAY) opened at 44.49 on Friday. Dentsply International has a 52-week low of $35.83 and a 52-week high of $45.37. The stock’s 50-day moving average is $43.19 and its 200-day moving average is $42.21. The company has a market cap of $6.330 billion and a price-to-earnings ratio of 18.94.
Dentsply International (NASDAQ:XRAY) last released its earnings data on Thursday, August 1st. The company reported $0.66 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.65 by $0.01. The company had revenue of $761.00 million for the quarter, compared to the consensus estimate of $782.73 million. During the same quarter last year, the company posted $0.62 earnings per share. Dentsply International’s revenue was down .3% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, January 10th. Investors of record on Friday, December 27th will be given a dividend of $0.06 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend is Tuesday, December 24th.
A number of other firms have also recently commented on XRAY. Analysts at Zacks reiterated a “neutral” rating on shares of Dentsply International in a research note to investors on Tuesday, September 10th. They now have a $45.00 price target on the stock. Separately, analysts at Credit Suisse raised their price target on shares of Dentsply International from $39.00 to $43.00 in a research note to investors on Thursday, August 22nd. Finally, analysts at Northcoast Research downgraded shares of Dentsply International from a “buy” rating to a “neutral” rating in a research note to investors on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $43.57.
DENTSPLY International Inc (NASDAQ:XRAY) is a designer, developer, manufacturer and marketer of a range of dental products.
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