UPDATE: Credit Suisse Upgrades Baxter International Following Delay in U.S. Eloctate Approval

In a report published Monday, Credit Suisse analyst Bruce Nudell upgraded the rating on

from Neutral to Outperform, and raised the price target from $73.00 to $80.00. In the report, Credit Suisse noted, “We're upgrading BAX to OP from Neutral given the 3-month delay in BIIB's US Eloctate approval, BAX's recent enrollment of its own long-acting rFVIII trial (which shortens the time to counter-marketing), review of data from BAX's transgenic mouse model (which allowed BAX to assess inhibitor risk associated with BAX 855) & given the potential for value creation should BAX split its Medical Products & Bioscience segments. We're increasing our 2014 sales/EPS estimates to $16.81B/$5.09 from $16.76B/$5.04 on the Eloctate delay (out-year estimates unchanged). We're also raising our TP to $80 from $73 on a slightly lower assumed WACC.” Baxter International closed on Friday at $68.66.