Initiation of Coverage Becton Dickinson & Co: Finding its Place: Initiate Buy at $190 PT.

研报英文原文证据摘录

Initiation of Coverage Becton Dickinson & Co: Finding its Place: Initiate Buy at $190 PT.

Global Research

28 July 2026ab

Initiation of Coverage

EquitiesBecton Dickinson & Co

Finding its Place: Initiate Buy at $190 PT. United States

Medical Supplies

12-month rating Buy

Finding its Place: We initiate coverage with a Buy rating and $190 price target. Even Prior : No Rating

before the recent MedTech sell-off, BDX had de-rated from 17x to 11-12x P/E due to 12m price target US$190.00

slower and more volatile growth in a stock typically owned as a low-beta compounder. Prior :

Ironically, many of the issues were tied to Life Sciences, which was divested to Waters

Price (24 Jul 2026) US$156.36earlier this year, leaving a cleaner BDX. We believe the market is extrapolating recent LSD

organic growth as the long-term growth rate, but our work suggests key headwinds, RIC: BDX.N BBG: BDX US

including vaccines and China VBP, are largely transitory through 2026 and should begin

Trading data and key metrics

to ease in 2027, while underappreciated growth drivers such as Pyxis Pro gain traction.

As a result, we view MSD growth as the appropriate mid-term outlook, which should 52-wk range US$185.39-135.49

support a re-rating. We also think concerns around a higher-rate, inflationary Market cap. US$43.1b

environment are overstated, as BDX is among the best-positioned names in our Shares o/s 276m (COM)

coverage to offset inflation through pricing, having delivered 3-4% price increases in the Free float 88%

last cycle, aided by a portfolio where roughly 70% of products have ASPs below $100. Avg. daily volume ('000) 857

Finally, the Waters transaction and recent management commentary point to a more Avg. daily value (m) US$127.6