Piper Sandler Downgrades Becton Dickinson (BDX) to Neutral

Piper Sandler analyst Jason Bednar downgraded Becton Dickinson (NYSE: BDX) from Overweight to Neutral with a price target of $185.00 (from $260.00).

The analyst comments: "We're downgrading shares of BDX to Neutral today as our patience has fully worn out on the checkered execution path for organic revenue (less than +1% in FQ2) and with our confidence eroded in management's demand forecasting ability. To that end, FQ2 saw nearly every segment revenue line miss our model on an organic growth basis. And surely there are explanations for some growth pressures (LifeSci/research funding cuts, China VBP), but we simply can no longer justifiably defend that guidance is conservative/achievable and that we won't be having another similar conversation about core BDX growth disappointing at some point in the next couple quarters. We anticipate pushback on timing in that we may be downgrading at the bottom, and it's frustrating knowing that we do think positive change could be coming post-LifeSci separation. But we simply can't recommend new money here, even at currently depressed valuation levels."

For an analyst ratings summary and ratings history on Becton Dickinson click here. For more ratings news on Becton Dickinson click here.

Shares of Becton Dickinson closed at $169.54 yesterday.

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