Baxter price target lowered to $39 from $45 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Baxter to $39 from $45 and keeps an Equal Weight rating on the shares. A combination of rising 10 year rates and GLP-1 pressures have pushed the valuation of the U.S. MedTech sector down and given the material de-rating the firm is upgrading its Industry View on MedTech to Attractive, the analyst tells investors. Volumes remain in strong shape, capital equipment is looking healthy and the firm sees limited expected impact from GLP-1s, the analyst added in a note on the group in which the firm adjusted a number of price targets.