Baxter downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Jayson Bedford downgraded Baxter to Market Perform from Outperform without a price target. The firm’s thesis that Baxter could grow revenue in the 4% range organically, with EPS growing 10%, did not play out, Bedford tells investors in a research note. A higher level of of near-term uncertainty makes it tougher to for the analyst to recommend putting new capital to work, he contends, saying he is moving to the sidelines until there is further clarity on what the business will look like going forward.