Piper Jaffray downgrades Becton, Dickinson (NYSE: BDX) from Overweight to Neutral. Price target $78.
Piper analyst says, "Overall, our favorable fundamental thesis on Becton Dickinson remains intact, however, with BDX shares trading very close to our 12-month price target we believe it is fully valued and warrants a Neutral rating. We anticipate BD to benefit from traction with recently launched products (e.g. Nexiva catheter, Viper XTR, etc.), pipeline products (e.g. diabetic pen needles, BD MAX) and favorable macro trends (e.g. international safety adoption, stimulus) and would view pullbacks into the upper $60's as an attractive entry point...We would note a favorable foreign exchange impact in 1Q09 benefitted gross margin by 220 bpts. We anticipate flattish operating expenses yoy (down 20 bpts yoy to 29.1% of revenue), which combined with the gross margin decrease translates into EPS of $1.20 (Street consensus $1.21)."
Becton, Dickinson and Company (BD) is a medical technology company engaged principally in the development, manufacture and sale of a range of medical supplies, devices, instrument systems and reagents used by healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public.
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Piper analyst says, "Overall, our favorable fundamental thesis on Becton Dickinson remains intact, however, with BDX shares trading very close to our 12-month price target we believe it is fully valued and warrants a Neutral rating. We anticipate BD to benefit from traction with recently launched products (e.g. Nexiva catheter, Viper XTR, etc.), pipeline products (e.g. diabetic pen needles, BD MAX) and favorable macro trends (e.g. international safety adoption, stimulus) and would view pullbacks into the upper $60's as an attractive entry point...We would note a favorable foreign exchange impact in 1Q09 benefitted gross margin by 220 bpts. We anticipate flattish operating expenses yoy (down 20 bpts yoy to 29.1% of revenue), which combined with the gross margin decrease translates into EPS of $1.20 (Street consensus $1.21)."
Becton, Dickinson and Company (BD) is a medical technology company engaged principally in the development, manufacture and sale of a range of medical supplies, devices, instrument systems and reagents used by healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public.
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