Baxter price target lowered to $45 from $70 at Cowen

Cowen analyst Joshua Jennings lowered the firm’s price target on Baxter to $45 from $70 and keeps an Outperform rating on the shares. The analyst said the first half of 2023 should be worse than the second so we see a potential recovery path over the course of the year with the caveat that the spinoff may bring new unknowns in 2024.