Piper Jaffray Overweight On Baxter International

Piper Jaffray is out with a research report on Baxter International BAX and it has an Overweight rating and a $70 price target on shares. In a note to clients, Piper Jaffray writes, "Adjusted "apples-to-apples" US IVIG distributions accelerated in June, up 18.5% vs. the prior year. The June increase is consistent with the strong 2Q11 and 1H11 results reported by Baxter and Grifols/Talecris, respectively. The June distribution data compares with Baxter's IVIG sales, which were up 24% in the US in the quarter, benefiting from Octapharma's continued absence in the US market. We continue to expect steady growth in the global market for IVIG, with some potential moderation over the next 6-12 months as Octapharma re-enters select European markets, and seeks approval to re-enter the US market, which we currently assume will happen in Q4. We reiterate our Overweight rating on BAX." Shares of BAX lost 96 cents yesterday to close at $57.21.