Baxter International Inc

BAX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$44.00	Wtpqgr	Jwrzxmyl

Baxter Earnings: Mildly Exceeded Cautious Expectations on Improving Hospital Budgets and Trends

Julie Utterback

Jul 27, 2023

Narrow-moat Baxter mildly exceeded expectations in the second quarter, and management provided scenarios for bottom-line results that depend on the timing of the Biopharma Solutions, or BPS, sale and look slightly higher than its previous 2023 outlook. Our near-term estimates look in line with these expectations, and we do not intend to change our $67 fair value estimate. Shares remain undervalued.

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