Jefferies Raises Forecasts On Sirona Dental Systems

According to Jefferies, Sirona Dental Systems SIRO forecasts are raised. Jefferies said that it is raising its FY11 EPS forecast to $2.90 (from $2.82). “Our price target moves to $57 (from $54) on higher cash flow forecasts. SIRO's fiscal-2Q11 (Mar) adjusted operating income of $47M exceeded our $46M forecast as a dramatically stronger organic revenue growth experience was tempered by weaker profitability. Adjusted EPS of $0.58 lagged our $0.61 forecast, owing to discrete FX-related effects (-$0.03 net impact) below the line. We are raising our FY11 EPS forecast to $2.90 (from $2.82) on expectations for more sustainable organic revenue momentum in the coming periods.” Sirona Dental Systems closed yesterday at $55.39.