It's a curious thing that investors' desire for short-term growth will
often lead them to pay what looks like much too high a price for a
company's long-term stream of cash flows. Although I wouldn't
necessarily say that Becton Dickinson's (NYSE:BDX)
current price is “much too high”, I do believe the stock is trading
above its long-term fair value due to the fact that it's one of the few
top-line growth stories in a very growth-challenged healthcare sector.
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