Barclays Reiterates Overweight Rating on Baxter International (BAX)

Barclays analyst Matt Miksic reiterated an Overweight rating and $39.00 price target on Baxter International (NYSE: BAX)

The analyst comments "Updating Our Sales and EPS Projections to Reflect the Sale of the Vantive Renal Care Business: We update our sales projections to reflect the company’s continuing operations, which exclude sales of renal care (now Vantive) in 2024, 2025 and beyond. We also update our EPS estimates for 2024, 2025 and beyond, which reflect the company’s continuing operations and no longer include contributions from Vantive. We provide a more detailed review of the changes to our estimates summarized in Figures 1-2. Valuation – Reinstating at Overweight with Our Updated Price Target of $39: Our $39 price target is based on a 10.0x EV/EBITDA multiple on our projected NTM EBITDA, 1-year forward, of $2.7 bil. Our target multiple is roughly in-line with the stock’s current trading multiple of ~10x NTM EBITDA and is a discount to the stock's long-term trading multiple of ~13x."

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 $30.82 yesterday.

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