Barclays cuts Baxter target, says selloff ‘significantly overdone’

Barclays lowered the firm’s price target on Baxter (BAX) to $36 from $41 and keeps an Overweight rating on the shares. The stock fell 24% post the Q2 report on the Novum pump pause and reduction in 2025 outlook, the analyst tells investors in a research note. The firm views the selloff as “significantly overdone” and sees an attractive buying opportunity at current share levels. Baxter’s current valeting reflects “unnecessarily high” concerns over pumps and a relatively low bar for execution, contends Barclays.