Piper Jaffray Rates Baxter Overweight; $69 PT

In a note out today, Piper Jaffray reiterated a buy rating on medical device maker Baxter International

with a $69 price target. That's well above the $51 area where Baxter currently resides. “After a discussion on the positive and negative factors affecting EPS in 2012 vs. 2011, our take is that management is trying to take a prudent view of its outlook. For example, now that Octapharma is returning to the U.S. market, the company expects Octa to regain all the share it held previously, which seems practical given the long-cycle manufacturing model for IVIG,” Piper Jaffray said in a note.