Credit Suisse upgraded shares of Baxter International (NYSE:BAX) from a neutral rating to an outperform rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has $80.00 price target on the stock, up from their previous price target of $73.00.
“We’re upgrading BAX to OP from Neutral given the 3-month delay in BIIB’s US Eloctate approval, BAX’s recent enrollment of its own long-acting rFVIII trial (which shortens the time to counter-marketing), review of data from BAX’s transgenic mouse model (which allowed BAX to assess inhibitor risk associated with BAX 855) & given the potential for value creation should BAX split its Medical Products & Bioscience segments. We’re increasing our 2014 sales/EPS estimates to $16.81B/$5.09 from $16.76B/$5.04 on the Eloctate delay (out-year estimates unchanged). We’re also raising our TP to $80 from $73 on a slightly lower assumed WACC.,” the firm’s analyst commented.
Baxter International (NYSE:BAX) traded up 0.26% during mid-day trading on Monday, hitting $69.00. 1,647,127 shares of the company’s stock traded hands. Baxter International has a 1-year low of $62.80 and a 1-year high of $74.60. The stock’s 50-day moving average is $65.87 and its 200-day moving average is $69.80. The company has a market cap of $37.446 billion and a price-to-earnings ratio of 17.43.
Baxter International (NYSE:BAX) last posted its quarterly earnings results on Thursday, October 17th. The company reported $1.19 earnings per share for the quarter, meeting the analysts’ consensus estimate of $1.19. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the previous year, the company posted $1.14 earnings per share. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, analysts predict that Baxter International will post $4.66 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, January 3rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Wednesday, December 4th.
A number of other analysts have also recently weighed in on BAX. Analysts at Goldman Sachs Group Inc. reiterated a conviction-buy rating on shares of Baxter International in a research note to investors on Wednesday, October 23rd. They now have a $86.00 price target on the stock. Separately, analysts at Cowen and Company downgraded shares of Baxter International from an outperform rating to a market perform rating in a research note to investors on Wednesday, October 23rd. They now have a $67.00 price target on the stock, down previously from $77.00. Finally, analysts at BMO Capital Markets cut their price target on shares of Baxter International from $82.00 to $77.00 in a research note to investors on Monday, October 21st. They now have an outperform rating on the stock. Eight analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Baxter International presently has an average rating of Buy and an average price target of $76.31.
Baxter International Inc (NYSE:BAX) is a global, diversified healthcare company.
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