Morgan Keegan Anticipates In-Line 4Q Results For BAX

Morgan Keegan anticipates in-line fourth-quarter results for Baxter International Inc. BAX and maintains its Outperform rating and $60 price target. “And while we are not expecting the business to post results that will exceed expectations, we believe that the bearish sentiment can abate in the name as fundamentals stabilize and investors look to the new product pipeline, including HyQ and IVIG for the treatment of Alzheimer's Disease,” Morgan Keegan writes. “Moreover, valuation remains compelling at 10.8x our 2012 earnings estimate.” Baxter International Inc. closed Wednesday at $50.97.