Baxter reinstated with an Overweight at Barclays

Barclays reinstated coverage of Baxter (BAX) with an Overweight rating and $39 price target The firm updated its sales projections to reflect the company’s continuing operations, which exclude sales of renal care in 2024, 2025 and beyond. The analyst believes the macro headwinds facing Baxter are largely discounted at current share levels. The stock’s substantial year-to-date underperformance and “significant” deal-related financial flexibility position the shares to outperform relative to the market, the analyst tells investors in a research note.