Baxter International Inc

BAX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$23.00	Wlwkbh	Nqbhstff

Baxter Earnings: Profit Turnaround Starting on Improving Medical Utilization

Julie Utterback

Feb 8, 2024

Narrow-moat Baxter turned in fourth-quarter and full-year 2023 results that were roughly in line with our expectations. Positively, Baxter's 2024 outlook looks a bit stronger than we were anticipating, and we are keeping our $67 fair value estimate intact. However, shares may be reacting to a weak outlook relative to FactSet consensus, suggesting that some analyst estimates may decline, although our profit expectations are rising slightly on improving trends.

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