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Fly News Breaks for May 22, 2018
BAX
May 22, 2018 | 05:16 EDT
Piper Jaffray analyst Matt O'Brien says the long-term guidance Baxter announced yesterday at its analyst meeting is essentially in-line with expectations. The key takeaways are the innovation Baxter is delivering, with $1.7B in new products expected over the next five years, and its "sizable" free cash flow, O'Brien tells investors in a research note. The cash flow will allow the company to execute accretive deals or share repurchases, conceivably as much as 20% of outstanding stock, the analyst adds. He believes this could push shares higher in the coming quarters and keeps an Overweight rating on Baxter with a $77 price target. O'Brien encourages investors to start or build positions in the name.
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