Barclays Maintains an 'Equalweight' on Baxter Intl (BAX); Adding to the Surgery Bag

Barclays maintains an 'Equalweight' on Baxter Intl (NYSE: BAX) price target of $64.00.

Barclays analyst says, "On 12/13/11, BAX announced the acquisition of Synovis for $28 per share or $260 MM after adjusting for net cash...Synovis gross margins (about 73%) are significantly accretive to BAX and we highlight that the company manufactures and distributes biological and mechanical products for soft tissue repair used in a variety of surgical procedures...We think the portfolio is complementary to BAX's biosurgery business which includes surgical sealant and hemostatic control products for use in surgery and the price paid as reasonable, given the growth prospects."

"We view this tuck-in acquisition as consistent with BAX's strategy to return cash to shareholders through dividends and buybacks while maintaining the flexibility to do deals."

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

Shares of Baxter Intl closed at $49.30 yesterday.

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