Morgan Keegan Has Outperform On Baxter International

Morgan Keegan has an Outperform rating and a $70 price target on shares of Baxter International Inc. BAX. In a note to clients, Morgan Keegan writes, "Yesterday, results of a Phase II study (167 patients) exploring intramyocardial, autologous CD34+ cell therapy for refractory angina were published on-line in Circulation Research. Although the 12-month results were presented at the November 2010 American Heart Association meeting, management has now confirmed that it will advance the program to a Phase III study. Overall, the injection of CD34+ cells had a statistically significant benefit in angina frequency and exercise tolerance. Overall, we find the study results encouraging, but it is too early to determine whether a Phase III trial will be successful. There are no changes to our estimates, Outperform rating, and $70 price target for Baxter." Shares of BAX gained 37 cents yesterday to close at $61.06, a gain of 0.6%.