Dentsply Sirona: Trimming Valuation on Tariff Uncertainty and Likely Ensuing Industry Slowdown

We are reducing our fair value estimate for no-moat Dentsply Sirona to $20.50 per share from $22 and raising our Uncertainty Rating to Very High from High against the backdrop of near-term macroeconomic uncertainty and the likely tariff-induced profit and margin headwinds. The tariff situation remains fluid and dynamic and uncertainty in the dental industry remains high.