Becton Dickinson (BDX) PT Lowered to $270 at Stifel
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Stifel analyst Rick Wise lowered the price target on Becton Dickinson (NYSE: BDX) to $270.00 (from $290.00) while maintaining a Buy rating.
The analyst commented, "Despite reporting better-than-expected sales led by encouraging portfolio-wide base business momentum, we left BD’s F3Q call better appreciating multiple incremental sales/margin headwinds and uncertainties likely to impact the F2022 (Sept) outlook. Seemingly taking a “scorched-earth” approach, Becton’s $12.00 F22 EPS “floor”, will push sharply-lower both Street (prior $13.03) and our numbers (prior $13.31). Major F2022 headwinds and uncertainties revolve around COVID test sales (BD now includes $0 in guidance), Alaris remediation and approval (BD no longer includes F2022 revenue contribution), inflation and raw material cost, China volume-based procurement price pressure and FX. All these factors will keep F22 gross/operating margins below BD’s pre-COVID 55% and 25%-26% respective targets. While our estimates now adopt the company’s F22 modeling approach, we are inclined to believe that by setting a low bar, given all the moving pieces, the company could potentially outperform. With numbers moving lower, our TP moves to $270 from $290."
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