Analyst Note| Alex Morozov, CFA |
Becton, Dickinson’s second-quarter results were modestly affected by the pandemic, but the main pressure on the revenue will come in the third quarter, which, based on the April data released, could be down by midteens from normal levels. BD provided very detailed segment-by-segment analysis, which gives us a bit more visibility in the 2020 modeling. However, a modest reduction to our second-half forecast won't affect our fair value estimate or narrow moat rating. Shares are slightly undervalued.