Patterson Cos shares are trading lower after the company reported financial Q3 results below estimates and cut FY24 EPS guidance.
Portfolio Pulse from Benzinga Newsdesk
Patterson Companies' shares dropped following the announcement of Q3 financial results that fell short of expectations, along with a reduction in their forecast for FY24 EPS.
February 28, 2024 | 12:19 pm
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NEGATIVE IMPACT
Patterson Companies' stock price is expected to face downward pressure in the short term due to disappointing Q3 results and lowered FY24 EPS guidance.
Stock prices often react negatively to earnings misses and downward revisions in future earnings guidance. Given that Patterson Companies has reported both, it's reasonable to expect a negative impact on the stock price in the short term. The direct correlation between earnings performance and stock price movement, especially when results are below market expectations, supports this analysis.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100