Leerink Partners Raises Price Target on Becton Dickinson (BDX) Following Analyst Event
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FBR Capital Cuts Price Target on Express (EXPR) Following 3Q EPS Miss
- Jefferies Cuts Price Target on Dollar General (DG) Following 3Q
- Jefferies Raises Price Target on Zumiez, Inc. (ZUMZ) to $23 Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!