Piper Remains Overweight On Baxter

Piper Jaffray has published a research report on Baxter International (NYSE: BAX) after the company report strong October data and the Octapharma line was recalled.

In the report, Piper Jaffray writes "US monthly IVIG distributions were up 6% in October (up 16% adjusting for the Octapharma recall), and 12-month rolling average growth remains in the mid single digit range. Remaining manufacturers will continue to pick up the slack in supply until Octapharma returns to the market, which we estimate to be mid-2011 at the earliest. When taken together with stable inventory data from FFF in the 30-day range, we see the US IVIG market and Baxter's share position within the market as stabilizing."

Piper Jaffray maintains its Overweight rating and $63 price target.

Baxter International closed yesterday at $49.50.