Citi downgrades Becton Dickinson to Neutral after ‘messy’ quarter

Citi downgraded Becton Dickinson (BDX) to Neutral from Buy with a price target of $185, down from $217. The company reported a “messy quarter, to say the least,” the analyst tells investors in a research note. The firm says several secular and fundamental headwinds dragged down the quarter, including lower research funding, changes in clinical practices related to the U.S. IV fluid shortage, and blood testing’s slower than expected return to utilization. Citi cites the “many moving parts” and difficulty in forecasting the “multiple dynamics” for the downgrade.