FMCQF - Bullish On Baxter: Cruising Along Business As Usual; $90 Price Target Set
Investment Thesis
Baxter International's (BAX) global presence signals fundamental strength, albeit with a bumpy Q2 exit, missing the Street's estimates on revenue by -4%, net income by -21% and EPS by $0.07. BAX has comparative advantages relative to peers within the medical devices and instruments industry, as the revenue model does not rely on utilisation rates of elective procedures alone; rather on home care, hospital admissions and providing critical therapy for those with life-threatening conditions, such as acute renal care and peritoneal dialysis, to give example. Thus, BAX's performance was not as heavily impacted relative