摩根士丹利（Morgan Stanley）的Dentsply Sirona因宏观/需求阻力而下调评级

Morgan Stanley downgraded Dentsply Sirona (XRA) to Equal Weight from Overweight and slashed its price target to $14 from $21 per share on Tuesday, noting that the dental product maker is facing a challenging macro and demand backdrop.

The downgrade was part of the investment firm’s review of its healthcare services & technology coverage, which indicated reiterated Overweight and Equal Weight ratings on Dentsply’s (NASDAQ:XRAY) rivals, Align Technology (ALGN) and Envista Holdings (NVST), respectively.

However, price targets for those stocks were revised down by analyst Erin Wright to $249 from $272 and $16 from $19 per share, respectively.

“The same headwinds that affected 2024 persist into 2025: recessionary concerns still hurting high-ticket dentistry (e.g., aligners/implants), higher rates and lack of liquidity restricting equipment purchases, and persistent OUS overhangs remain in focus,” Wright wrote.

As for Dentsply (NASDAQ:XRAY), which has lost ~33% this year, sharply underperforming its peer group, the analyst cited slow innovation, market share losses, and tariff risk as her additional concerns. “While the stock is clearly cheap on an FWD P/E basis, we view the broader outlook as remaining uncertain with potential tariff exposure and macro risk,” Wright argued.