JPMorgan downgraded Envista to Neutral from Overweight with a price target of $16, down from $23. The company reported a top- and bottom-line miss with core growth of negative 3.2% coming in below the Street, the analyst tells investors in a research note. The firm has a more cautious stance on the overall dental market, which it says continues to remain closely linked to the macro backdrop due to its reliance on equipment and discretionary spending. Following Envista’s “disappointing” results, JPMorgan views the stock’s risk/reward as fairly balanced.
