Baxter International, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Josh Jennings from TD Cowen reiterated a Hold rating on the stock and has a $22.00 price target.
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Josh Jennings has given his Hold rating due to a combination of factors, including confidence that Baxter’s new leadership and GPS initiative can gradually enhance operational performance while the shares still trade below peer valuations. At the same time, he believes the turnaround will take time, and the muted 2026 outlook—with stagnant organic revenue and a notable EPS decline—limits the near-term case for upgrading the stock, so the price target remains unchanged at $22.
Jennings also anticipates that upcoming quarterly results will broadly track management’s guidance and consensus expectations, with a particularly tough first quarter followed by gradual improvement as the year progresses. Given that segment-specific headwinds in Infusion Therapies, Healthcare Systems & Technologies, and Pharma are largely known and expected to ease in the second half, he sees limited catalysts for outperformance in the near term, which supports maintaining a neutral stance rather than turning more bullish.