JP Morgan Reiterates Neutral on Becton, Dickinson & Co
JP Morgan remains Neutral-rated on Becton, Dickinson & Co (NYSE: BDX) as the company divests its Discovery Labware Unit for $730 million in cash from Corning.
JP Morgan says, "BD announced this morning that it is selling its Discovery Labware unit to Corning (rated Underweight by JPM Data Networking & Wireline Equipment/Telecom Equipment/Wireless analyst Rod Hall) for $730 million, with the deal expected to close by the end of CY12. Becton is indicating that the Labware unit is not consistent with the company's long-term growth strategy, which is focused on advanced cell-based technology. Becton will keep the higher growth advanced bioprocessing business with manufacturing out of the new Miami facility."
BDX closed at $76.69 a share on Monday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.