Baxter spin-off brings 15%-25% potential upside, says Piper Jaffray Piper Jaffray estimates the potential equity value for Baxter's two businesses around $45B-$50B, which it notes represents upside of between 15%-25% from share current levels. Piper says it remains bullish on Baxter after the company announced the spin-off of its BioScience division. It reiterates an Overweight rating on Baxter with an $82 price target.
Baxter resumed with a Neutral from Overweight at Piper Jaffray Piper Jaffray analyst Brooks West downgraded Baxter (BAX) to Neutral after resuming coverage of the name. The company, post the spin of Baxalta (BXLT), "has a number of moving pieces that need to be addressed," West tells investors in a research note. He lowered his price target for shares to $39 from $90.