Morgan Stanley analyst David Lewis double upgraded Baxter to Overweight from Underweight, stating that the company has the most flexible balance sheet in traditional large cap devices and he believes the company should focus on growth oriented deployment of its resources for multiple transactions, not a transformational deal that would bring significant execution risk and could express a lack of confidence in underlying business recovery. He also believes the stock’s current valuation largely reflects the company’s 3-4% weighted average market growth rate but not the acceleration by 2020 that he believes could drive Baxter’s growth rate back up. Lewis raised his price target on Baxter shares to $77 from $66.
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