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”.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ABT:
- 3 Best Stocks to Buy Now, 4/18/2024, According to Top Analysts
- ABT Earnings: Abbott Beats Expectations with Q1 Earnings
- Abbott reports Q1 worldwide COVID-19 testing sales $204M vs. $730M last year
- Abbott Reports First-Quarter 2024 Results and Raises Midpoint of Full-Year Guidance Ranges
- Abbott reports Q1 worldwide Medical Devices sales up 14.2% on reported basis