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Abbott Rises On Raymond James Bullish Commentary, Price Target Raise -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Health care device company Abbott Laboratories (NYSE:) Shares rose more than 2% after a raise in the price and bullish remarks from Jayson Bedford, a Raymond James analyst.

Abbott was raised to $150 by the analyst from $134. The analyst also maintained an Outperform rating. Bedford mentioned the company’s portfolio as a major reason for his price target increase, saying that it can withstand growing Covid-related pressures. 

“We continue to favor ABT’s positioning as its portfolio is durable enough (CV-testing, Nutrition, EPD) to withstand increasing CV-pressures near-term, but also benefit (in Med Devices) after we work our way through yet another CV-wave. ABT’s diversified portfolio also addresses fast-growing end markets (Diabetes, Structural Heart), with a unique geographic tilt towards Emerging Markets (~35-40% of sales),” Bedford told investors in a research note.

Later, he stated that the company’s growth was above average and the upward projections supported its Outperform rating. 

“Valuation is an uncomfortable factor, but ABT remains one of the fastest growing mega-cap (>$200B) healthcare companies, and we believe investors will continue to pay up for sustainable growth stories.”

Analysts at RBC Capital and Citi also agree with Bedford. RBC Capital gave Abbott an outperform rating, $146 target and a $146 price target in December. Citi raised the price target to $154, from $11.

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