Baxter International (BAX) has received a new Buy rating, initiated by Barclays analyst, Matt Miksic.
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Matt Miksic has given his Buy rating due to a combination of factors, including the updated financial projections and strategic adjustments undertaken by Baxter International. The decision to reinstate the Overweight rating is supported by the revised sales and earnings per share (EPS) estimates, which now account for the exclusion of the Vantive Renal Care business from future operations. This adjustment allows for a clearer focus on the company’s continuing core operations.
Furthermore, the valuation analysis supports the Buy rating, with a price target set at $39 based on a 10.0x enterprise value to EBITDA multiple. This multiple is consistent with the current trading multiple and presents a favorable comparison to the company’s historical trading levels. These factors combined suggest an attractive investment opportunity in Baxter International’s stock, reinforcing the recommendation.
Miksic covers the Healthcare sector, focusing on stocks such as Boston Scientific, Johnson & Johnson, and Becton Dickinson. According to TipRanks, Miksic has an average return of 8.3% and a 63.26% success rate on recommended stocks.