Oppenheimer analyst Suraj Kalia initiates coverage on $Abbott Laboratories (ABT.US)$ with a buy rating, and sets the target price at $130.
According to TipRanks data, the analyst has a success rate of 53.1% and a total average return of 8.7% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Abbott Laboratories (ABT.US)$'s main analysts recently are as follows:
The industry's third-quarter utilization trends appeared favorable, even considering the customary summer seasonal reduction in elective procedures. There is also a positive sentiment among investors for MedTech stocks as the earnings season approaches, with expectations that interest will remain strong in high-performing and catalyst-driven stocks through the end of the year.
Abbott is characterized as a 'large-cap diversified healthcare play.' It presents a dual narrative with its compelling medical technology portfolio, which is responsible for 45% of its global sales of $42B and is growing at a rate of 11%-13% annually. On the other hand, its non-MedTech operations are expanding at a lower rate due to legal challenges impacting its pediatric nutrition segment and a decline in COVID-19 diagnostics sales. As these challenges in the non-MedTech sector diminish, Abbott is expected to experience an uptick in sales growth reaching low-double-digits by fiscal 2026, accompanied by an improvement in EBIT margins.
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