Baxter International

BAX · NYSE

$24.51−$0.48 (−1.92%)TodayMarket closed · Oct 20, 7:54 PM ET

Prev close $24.99

BAX analyst rating

HoldConsensus of 11 analysts over the last 12 months. 18% rate it a buy.

Strong buy0
Buy2
Hold8
Underperform1
Sell0

12-month price target · 15 analysts

Average $27.86 (+13.7% upside)

Low: $15.15
Now: $24.51
High: $43.39

Upgrades and downgrades

The latest rating actions, newest first

BAX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 7, 2026	Initiates	Underweight	$20.00	—
Citigroup	Oct 5, 2026	Maintains	Neutral	$28.00 → $27.00	60%
TD Cowen	Jul 31, 2026	Maintains	Hold	$24.00 → $29.00	48%
Wells Fargo	Jul 31, 2026	Maintains	Equal-Weight	$19.00 → $23.00	54%
Stifel	Jul 31, 2026	Maintains	Hold	$24.00 → $28.00	62%
Citigroup	Jul 31, 2026	Upgrade	Sell → Neutral	$17.00 → $28.00	60%
UBS	Jul 28, 2026	Maintains	Neutral	$19.00 → $25.00	43%
Stifel	Jul 28, 2026	Maintains	Hold	$19.00 → $24.00	62%
TD Cowen	Jul 27, 2026	Maintains	Hold	$20.00 → $24.00	48%
Goldman Sachs	Jul 15, 2026	Maintains	Neutral	$19.00 → $21.00	48%

The case for and against

Updated Jan 19, 2026

Bull case

Baxter International has demonstrated positive sales growth in its Healthcare Systems & Technologies segment, with increases of approximately 6% and 2% year-over-year in the first two quarters of 2025, and forecasts suggesting continued, albeit modest, growth of around 4% and 2% for the latter half of the year. The acquisition of Hillrom has expanded Baxter's operational portfolio, enhancing its range of hospital-focused products and strengthening its competitive position in the medical supplies industry. Furthermore, pricing initiatives are projected to contribute around 100 basis points to sales growth for 2024 and 2025, indicating effective management in boosting revenue amidst challenging market conditions.

Bear case

Baxter International's outlook is negatively impacted due to a disappointing performance in the second quarter of 2025, where sales, margins, and earnings per share fell below consensus expectations. The company has experienced a challenging operational period from 2021 to 2023, characterized by both external factors and internal missteps, resulting in mixed quarterly results and negative guidance revisions. Additionally, gross margins of 40.7% and operating margins of 15.1% fell short of consensus estimates, reflecting sales softness, manufacturing inefficiencies, and an unfavorable product mix.

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