On Oct 17, major Wall Street analysts update their ratings for $Abbott Laboratories (ABT.US)$, with price targets ranging from $125 to $146.
Goldman Sachs analyst David Roman maintains with a buy rating.
J.P. Morgan analyst Robbie Marcus maintains with a buy rating, and maintains the target price at $135.
BofA Securities analyst Travis Steed maintains with a buy rating, and maintains the target price at $133.
Citi analyst Joanne Wuensch maintains with a buy rating.
UBS analyst Danielle Antalffy maintains with a buy rating, and adjusts the target price from $143 to $146.
Furthermore, according to the comprehensive report, the opinions of $Abbott Laboratories (ABT.US)$'s main analysts recently are as follows:
Abbott's slight surpassing of sales and EPS estimates reinforces the belief in the company's capacity to maintain double-digit MedTech sales growth in the coming period, alongside high single-digit growth in total sales. Analysts consider the enduring growth trajectory of Abbott's MedTech business to be undervalued. Furthermore, Abbott is recognized for offering a high-quality opportunity for high single-digit to low double-digit sales growth.
Following the Q3 results, Abbott is considered to be well-positioned to handle any competition from pulsed field ablation, and the potential for leadless pacing is expected to possibly spur growth in cardiac rhythm management to exceed 3%. While operational performance has been strong, it's assessed that current market expectations are already reflective of this, and the company's valuation is deemed reasonable when compared to its peers.
While acknowledging Abbott's positive trajectory post the third-quarter report, analysts continue to search for indications of enduring operating margin growth following the conclusion of the Testing phase.
Abbott's third-quarter sales exceeded consensus expectations, bolstered by a strong showing in the MedTech segment and revenue from COVID tests. The company also maintained its organic growth guidance for FY24 and raised the mid-point of its EPS forecast. Despite these positive developments, a cautious stance is maintained due to valuation and pending litigation concerns, though the company's performance is seen in a favorable light.
Abbott management indicated optimism about the company's potential for sustained high-single-digit revenue growth and double-digit earnings growth. Specifically, the CEO's comments suggested that high-single digit revenue and 10% earnings per share growth are seen as a feasible baseline. With numerous new offerings in the rapidly expanding Diabetes Care and Structural Heart markets, Abbott's comprehensive medical device portfolio appears poised for superior growth within the medical technology sector.
Here are the latest investment ratings and price targets for $Abbott Laboratories (ABT.US)$ from 14 analysts:
Note:
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