Baxter downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Pito Chickering downgraded Baxter to Hold from Buy with a price target of $51, down from $69. The new price target assumes the shares trade at a 25% discount to the five year average, which is justified by the "bevy of macro headwinds" Baxter is facing, Chickering tells investors in a research note. The analyst is also in a pattern of continued guide downs and faces increased uncertainty around demand for capex-related products, particularly within the Hill-Rom portfolio, says the analyst.