By Sam Boughedda
Investing.com — Baxter International Inc (NYSE:) fell 3.7% on Monday after the stock was downgraded to sell from neutral by Goldman Sachs (NYSE:).
In a note to investors, analyst Amit Hazan, who also lowered the price target to $77 from $88, said that while a U.S. Covid recovery is developing, other macro factors have intensified, resulting in headwinds for the MedTech sector.
He added that the company is more exposed to macro headwinds than its peers, and it is the least exposed to the developing Covid recovery tailwinds.
“We continue to see pockets of concern for the base business which in the aggregate further reduce the probability of top line upside,” stated the analyst.
Baxter shares have fallen 11.61% in 2022.
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