Street View: Healthy sales to keep Abbott Laboratories on track

McEwen

21/07/2023 11:16

** Abbott Laboratories  ABT.N  on Thursday beat quarterly
profit expectations as a rebound in surgical procedure volumes
drove demand for medical devices despite high inflation-driven
costs
  ** The median PT of 25 brokerages covering the stock is $126
    
    GROWTH PROFILE SUSTAINABLE
    ** Evercore ISI ("outperform", PT: $122) says co's U.S.
sales is sizable and could be much higher than its closest
competitor, which bodes well for penetrating the ~3 mln basal
insulin population in the U.S.
    ** Adds, it is "meaningful" that co intends to start its
dual analyte trial in H2
    ** J.P. Morgan ("overweight", PT: $122) believes multiple
new products and a favorable balance sheet should help co's
earnings in H2 2023
    ** BTIG ("buy", PT: $131) says growth profile will be
sustainable as access to Libre (glucose monitoring device)
expands into new patient populations
    ** Jefferies ("hold", PT: $120) says clarity on recovery,
base margin progression and underlying double digit growth
foster confidence in ABT
    
    

 (Reporting by Priyadarshini Basu in Bengaluru)
 ((priyadarshini.basu@thomsonreuters.com))