Citi Downgrading Becton, Dickinson

Citi Investment Research is out with a research report on Becton, Dickinson and Co. (NYSE: BDX) and is downgrading shares to Hold and is lowering its price target to $79.

In a note to clients, Citi Investment Research writes, "Reducing our target to $79 on a lower P/E of 13x (previous 14x) on unchanged C12 EPS of $6.10. While the stock is viewed as "defensive," we can't justify a premium multiple to the group as we believe that macro pressure in the global healthcare environment could lead to BDX lowering its LT growth outlook to +4-5% (from +6%) on its upcoming earnings call."

Shares of BDX gained 58 cents yesterday to close at $72.92.