Jefferies analyst Matthew Taylor maintains $Abbott Laboratories (ABT.US)$ with a hold rating, and adjusts the target price from $120 to $125.
According to TipRanks data, the analyst has a success rate of 58.9% and a total average return of 9.1% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Abbott Laboratories (ABT.US)$'s main analysts recently are as follows:
Following an analysis of Q3 results and subsequent adjustments to the valuation model, it's suggested that Abbott is in a good position to handle competitive pressures from pulsed field ablation. Additionally, the potential for leadless pacing is seen as a catalyst for accelerating growth in cardiac rhythm management beyond 3%. It's noted that despite the company's strong setup and operational performance, current market expectations seem to reflect these factors, and the valuation is considered in line with industry peers.
Abbott's third-quarter sales exceeded expectations, primarily due to the strong performance of MedTech and the ongoing demand for COVID tests. The company has also maintained its organic growth guidance for FY24 and slightly increased the mid-point of its earnings per share forecast. Despite these positive outcomes, the valuation and potential legal challenges are factors that maintain a cautious perspective, although the results are seen as promising.
Abbott is anticipated to continue its trajectory of high-single-digit revenue growth and double-digit earnings expansion, as indicated by the company's management during its earnings call. Specifically, the expectation set forth for revenue and earnings per share growth was characterized as a reasonable baseline. Abbott's medical device portfolio, particularly within the Diabetes Care and Structural Heart markets, is positioned favorably for robust growth within the MedTech sector.
Note:
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