Stifel lowered the firm’s price target on Baxter (BAX) to $20 from $22 and keeps a Hold rating on the shares following a Q4 report that the firm describes as “a bit more complicated than we expected.” Encouragingly, sales at $2.97B exceeded the firm’s and consensus forecasts, but Q4 earnings performance and call commentary “underscored that CEO Andrew Hider’s transformation initiatives will take time to translate into more visibly positive performance,” the analyst tells investors.
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