JP Morgan Reiterates Overweight, $60 Target on Baxter International

JP Morgan maintains its Overweight rating and $60 target price on Baxter International BAX as Alzheimer's takes center stage in the company's pipeline. JP Morgan notes, "On Tuesday at the J.P. Morgan Healthcare Conference, Baxter provided a detailed update on a number of products within its pipeline. We've talked a lot about the puts and takes the company will face heading into 2012 and still believe the Street is a little too high on the bottom line for 2012 (JPMe $4.56 vs Street consensus at $4.64). Yet, with the 2012 issues increasingly understood, the attention at the conference was on a number of updates the company provided on its pipeline. We continue to see Baxter as an attractive second half story given the HyQ launch as well as a number of assets that should gain increased focus during the year." BAX closed at $50.18 per share on Tuesday.