Shares of healthcare major Abbott Laboratories (NYSE:ABT) are trending upward today after the company announced first-quarter numbers.
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Revenue declined 18.5% year-over-year to $9.7 billion but managed to surpass estimates by $60 million. EPS at $1.03 too outperformed expectations by $0.04. The decline in revenue was attributable to lower COVID-19 testing sales. At the same time, the company’s organic business saw gains across Medical Devices, Established Pharmaceuticals, and Nutrition.
Looking ahead, for the full-year 2023, Abbott expects EPS to hover between $4.30 and $4.50. Additionally, organic sales growth is seen in the high single digits.
Overall, the Street has a $121.17 consensus price target on Abbott, pointing to a 16.34% potential upside in the stock. That’s after a 6.5% rise in Abbott shares over the past month alone.
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