Goldman Sachs Adds Baxter International (BAX) to Conviction Buy List, Sees 28% Upside

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Goldman Sachs added Baxter International (NYSE: BAX) to its Conviction Buy List and lifted its price target to $64.00 (from $63.00), implying 28% upside.

The firm notes that due to a new product delay, concerns over increased competition in key franchises, and FX, shares are down 16.5 percent since April 1, versus the 4.5 percent slide in the S&P 500. Goldman, however, sees several pipeline products driving accelerating topline growth and a dividend increase in the 2nd-half.

In addition, shares traded at a trough multiple at 10.2X 2013E EPS, just above the level following the 2010 downturn in the plasma market.

For an analyst ratings summary and ratings history on Baxter International click here. For more ratings news on Baxter International click here.

Shares of Baxter International closed at $49.92 yesterday, with a 52 week range of $47.55-$62.50.

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