Do Wall Street Analysts Like Baxter International Stock?

Baxter International Inc. (BAX) is a global healthcare company headquartered in Deerfield, Illinois, that develops and manufactures medical devices, connected care solutions, and injectable medicines. With a market capitalization of $12.8 billion, its products support hospitals, clinics, and home care settings, helping improve patient outcomes through innovations in critical care, medication delivery, renal care, and healthcare technology.

Shares of this beverage giant have significantly underperformed the broader market over the past year. BAX has declined 4.6% during this period, while the broader S&P 500 Index ($SPX) has rallied nearly 16.9%. However, the stock is up 40% year-to-date, outperforming the index's 8.7% gain over the same period.

Narrowing the comparison, BAX has outperformed the iShares U.S. Medical Devices ETF (IHI), which has declined 14.1% over the past year. Also, the stock has surpassed the ETF’s 15.1% fall in 2026.

On July 30, Baxter International reported its Q2 FY2026 earnings, sending its shares up 8.1% after the company exceeded its own revenue and earnings guidance. Worldwide sales grew 5% on both a reported and organic basis to $2.96 billion, with growth across all segments and divisions led by strength in Infusion Therapies & Platforms and Advanced Surgery. On an adjusted basis, it reported earnings per share of $0.56, aided by a $0.11 per-share benefit from an IEEPA tariff refund.

Baxter International raised its full-year 2026 outlook, now expecting reported sales growth of 3% to 4% and organic sales growth of 2% to 3%, up from its prior guidance of flat to 1% and approximately flat, respectively. The company also raised its adjusted earnings per diluted share guidance to $1.95 to $2.15, up from $1.85 to $2.05. Management said the Baxter Growth and Performance System (GPS) will help further stabilize the business, strengthen the balance sheet, and drive continuous improvement.

For the current fiscal year, ending in December 2026, analysts expect BAX’s EPS to decrease 15.4% to $1.92 on a diluted basis. The company has beaten Wall Street's consensus EPS estimates in three of the past four quarters, while missing expectations once.

Among the 15 analysts covering BAX stock, the consensus is a “Hold.” That’s based on two “Strong Buy” ratings, 11 “Hold,” and two “Strong Sell.”

The consensus has been consistent over the past months. 

On July 27, TD Cowen analyst Josh Jennings reiterated a Hold rating on Baxter International and raised his price target to $24 from $20.

While BAX currently trades above the mean price target of $21.61, the Street high price target of $27 suggests a marginal upside potential from the current market prices.