Baxter International: Discounted Valuation and Efficiency Upside Offset by Execution and Product Risk, Justifying Hold

Josh Jennings, an analyst from TD Cowen, reiterated the Hold rating on Baxter International. The associated price target is $22.00.

Josh Jennings has given his Hold rating due to a combination of factors tied to Baxter’s near‑term outlook and risk profile. He sees potential for meaningful operational improvement under the refreshed leadership team and the new GPS efficiency program, and he notes that the shares already trade at a notable discount relative to peers, which could be attractive if execution improves.

At the same time, he highlights material uncertainties that could weigh on 2026 performance, particularly the Novum LVP shipping halt and ongoing weakness in U.S. IV solutions, alongside the usual execution risks. His Q4 projections sit at the low end of management guidance and slightly below consensus, and while he views guidance as conservative, the recent operational missteps make him reluctant to adopt a more bullish stance, leading him to reaffirm a Hold recommendation.