Baxter International (BAX) PT Lowered to $90 at Stifel
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Stifel analyst Rick Wise lowered the price target on Baxter International (NYSE: BAX) to $90.00 (from $95.00) while maintaining a Buy rating.
The analyst commented, "Overall, Baxter’s 2Q21 results seemed mixed, if not slightly-disappointing. Total sales were basically in-line with Stifel/Consensus (+8% operationally), aided by COVID vaccine manufacturing sales ($40M vs full-year guidance $50M-$100M). Base business segment performance varied. Medication Delivery and Advanced Surgery were the only solid outperformers with growth driven by hospital admission/surgical volume recovery. Renal and Pharmaceuticals disappointed with OUS Renal sales negatively impacted by y/y ESRD patient volume declines (both PD and HD), and US Pharmaceuticals unexpectedly-challenged by increased generic injectable competition. EPS outperformance was driven by lower SG&A/etc. For now, we look to a perhaps more-critical-than-usual September analyst day where BAX should articulate drivers of better growth (perhaps MSD+) and expanding operating margins. If 2H21 recovery progresses, and the analyst day successfully re-establishes a more clear-cut path to better growth/margins, the post-report stock weakness may prove to be a more-attractive entry point than today’s “mixed” 2Q operating performance might suggest."
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