Soleil Research Report: Patterson Companies (PDCO)

Soleil Securities released a company update today on Patterson Companies (NASDAQ: PDCO). Soleil has a buy rating on PDCO and a price target of $34.50 on the shares. Patterson Companies' stock is currently trading at $28.04.

Patterson is a leading distributor of dental, rehab, and veterinary supplies. Soleil cited attractive valuations in reiterating their buy rating on the stock. PDCO shares trade at 14.4x Soleil's calendar 2010 EPS estimates of $1.92. The price target of $34.50 is based on a P/E ratio of 18 which the analysts believe is a reasonable multiple for the company and the industry as a whole.