Abbott Rises On Raymond James Bullish Commentary, Price Target Raise By Investing.com

Abbott Rises On Raymond James Bullish Commentary, Price Target Raise

Stock MarketsDec 22, 2021 03:08PM ET

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Abbott Rises On Raymond James Bullish Commentary, Price Target Raise

By Sam Boughedda

Investing.com — Medical device and health care company Abbott Laboratories (NYSE:ABT) saw its shares rise over 2% following a price target raise and bullish comments from Raymond James analyst Jayson Bedford.

The analyst raised Abbott's price target to $150 from $134, while maintaining a Outperform rating. Bedford cited the company's portfolio as being a key reason in his price target raise, stating it is "durable" enough to withstand increasing 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.

He later said the company's above average growth, and upward estimates supported the firm is maintaining 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. Earlier in December, RBC started Abbott with an Outperform rating and $146 price target, commenting on its "strong base business," while Citi increased its price target on the shares to $154 from $141.

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