Baxter price target lowered to $54 from $63 at Barclays

Barclays analyst Matt Miksic lowered the firm’s price target on Baxter to $54 from $63 and keeps an Overweight rating on the shares. The company took a more conservative approach to 2023 guidance than investors were expecting, raising concerns about the sustainability of its businesses, the analyst tells investors in a research note. However, after the stock digests the surprise and disappointment of the company’s reduced outlook, the firm expects Baxter to significantly outperform from current levels.