Baxter price target lowered to $44 from $50 at Stifel

Stifel analyst Rick Wise lowered the firm’s price target on Baxter to $44 from $50 and keeps a Buy rating on the shares. While stating that the “high-level optics” of Baxter’s Q1 earnings are positive, the firm says that as one takes a deeper look at the Q1 performance, “there are clearly some puts and takes.” While “encouraged” that Baxter achieved first quarter guidance and raised the FY24 guidance, the “overall outlook for the company appears less clear than guidance optics would suggest, with some 1Q weakness from RemainCo Baxter, and strength from the KidneyCo sale/spin,” the analyst tells investors.