BDX - Becton Dickinson upgraded at Wells Fargo citing defensive qualities

The shares of Becton, Dickinson (NYSE:BDX) are trading higher in the pre-market Friday on low volume after Wells Fargo upgraded the health equipment maker to Overweight from Equal Weight, calling the stock “one of the best defensive names in MedTech.” The analyst Larry Biegelsen notes that the company’s shares have outperformed the S&P 500 over the past four recessions indicating its products are being used in medical procedures that are less likely to be delayed. In addition, the firm raises sales and earnings per share forecasts for FY22 and FY23, citing strong fundamentals and the benefit of the recently announced Parata acquisition, respectively. “Given BDX’s pricing power and the less elective nature of its products, we see BDX as an excellent defensive name given the risk of a recession,” Biegelsen added, upgradeing the stock due to the company's ability to withstand macro pressures better than some of its peers. Read: Seeking

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Becton, Dickinson upgraded at Wells Fargo citing defensive qualities