Leerink Partners Raises Price Target on Becton Dickinson (BDX) Following Analyst Event
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Leerink Partners reiterated a Market Perform rating on Becton Dickinson (NYSE: BDX), and raised the price target to $185.00 (from $180.00), following the company's analyst event. Management committed to 5%+ & 10%+ organic revenue and EPS growth through FY19, which includes a reiteration of its recently provided FY17 growth outlook calling for 4.5-5% on the top-line.
Analyst Richard Newitter commented, "At BDX's NYC analyst event (first one since Nov. 2011) mgmt. provided a "5%+ & 10%+" FY17-FY19 rev & EPS growth outlook, that we believe was generally in-line with what investors were expecting, and highlighted a number of new product opportunities across its Medical and Lifesciences divisions. Our F18E-F19E EPS increase and now are more in-line with consensus, and our PT increases to ~$185 (vs. $180) based on a 19x P/E applied to our CY17E EPS, a premium to BDX's comp group. We appreciate the more detailed look into BDX's future growth initiatives and there are certainly several exciting opportunities ahead (i.e. in Diabetes care, genomics, Medication mgmt., infection prevention). Still, we stay MP as we continue to believe there are better return/growth profiles elsewhere in our largecap coverage and we think the valuation premium (& multiple expansion) implied by our PT adequately gives credit for upside potential."
Shares of Becton Dickinson closed at $173.42 yesterday.
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