ICU Medical initiated with a Hold at Jefferies

Jefferies analyst Michael Toomey initiated coverage of ICU Medical (ICUI) with a Hold rating and $183 price target. The firm says there is “much to like” about ICU, including a healthy utilization environment and a leading position in a growing IV and disposables market. However, Jefferies’ survey and channel checks suggest ICU is unlikely to take material share from Becton Dickinson (BDX) or Baxter (BAX), leading to estimates in-line with consensus, the analyst tells investors in a research note.