RBC Capital lowered the firm’s price target on Abbott to $125 from $128 but keeps an Outperform rating on the shares. The analyst states that despite a strong Q1 with 10.8% underlying revenue and double-digit EPS growth, the stock was down 3%, which reflects sentiment on the broader MedTech space, where high expectations require a beat and raise for stocks to be rewarded. RBC maintains however that it sees upside potential for Abbott “as 2024 drivers take hold”.
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