Baxter International (BAX) Stock: $80 Target And Buy Rating

By Amit Chowdhry ● Jun 30, 2022
  • The shares of Baxter International Inc (NYSE: BAX) have received an $80 price target from BofA Securities. These are the details.

The shares of Baxter International Inc (NYSE: BAX) have received an $80 price target from BofA Securities. And BofA Securities analyst Travis Steed reiterated a “Buy” rating on the shares.

Steed adjusted the rating due to higher inflation. And Steed noted that Baxter is considered one of the better names to own in medtech for a hard landing.

“In our view, with a recession likely having minimal impact on BAX’s revenue growth but potentially driving an improvement in margins if it were to drive down commodity costs,” wrote Steed in a research note. “However, the flip side is BAX is one of the names most exposed to inflationary pressures which makes the near-term more challenging. Oil and fuel costs have continued to rise since BAX gave guidance and BAX has been specific about highlighting fuel costs having the most acute impact given its large transportation cost structure. It’s not exactly clear how much pressure BAX is experiencing vs what offsets are available but we are adjusting our estimates to account for these higher costs.”

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