Abbott price target raised to $117 from $107 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Abbott to $117 from $107 and keeps an Equal Weight rating on the shares. The firm made modest adjustments to its model following the Q3 results, and tells investors in a research note that Abbott is well placed to manage any competitive pressures from pulsed field ablation, while leadless pacing may help accelerate cardiac rhythm management growth to 3%+. Despite the excellent setup and operational execution, Morgan Stanley feels Street expectations are up to date and that valuation looks fair vs. peers.