Abbott price target lowered to $115 from $125 at BofA

BofA lowered the firm’s price target on Abbott to $115 from $125 and keeps a Buy rating on the shares. The stock has underperformed and with its PE multiple having compressed the multiple is "no longer elevated, even ex-Covid," the firm tells investors. De-risking Covid testing from its model and assuming no improvement in commodity/shipping costs leads BofA’s 2024 EPS to go to $4.50, versus the Street at $4.84, but the firm contends that the risk reward at this valuation "looks favorable."