Stifel analyst Rick Wise maintains $Abbott Laboratories (ABT.US)$ with a buy rating, and adjusts the target price from $115 to $130.
According to TipRanks data, the analyst has a success rate of 57.8% and a total average return of 3.9% 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 Q3 results, modest adjustments have been made to the forecasting model, indicating that Abbott is well-positioned to handle any competitive pressures from pulsed field ablation. Additionally, the prospects of leadless pacing may contribute to an acceleration of cardiac rhythm management growth to exceed 3%. Despite an excellent setup and strong operational execution, it is suggested that Street expectations are currently reflected in the valuation, which appears fair when compared with industry peers.
Abbott's Q3 sales exceeded expectations, bolstered by the strong performance of MedTech and the demand for COVID tests. The company also reaffirmed its organic growth guidance for FY24 and slightly raised the midpoint of its EPS forecast. Despite the positive results, the valuation and ongoing litigation present concerns, though the company's performance provides a positive outlook.
Abbott's management has indicated optimism about the company's capability to maintain high-single-digit revenue growth and double-digit earnings growth moving forward. The CEO's assertion that high-single digit revenue growth and 10% earnings per share growth is a realistic baseline reflects confidence in the company's trajectory. Abbott appears to be favorably positioned with several new offerings in the rapidly expanding Diabetes Care and Structural Heart sectors, suggesting the company's medical device portfolio is primed for robust growth in the MedTech industry.
Note:
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