Abbott price target raised to $122 from $118 at UBS

UBS raised the firm’s price target on Abbott to $122 from $118 and keeps a Buy rating on the shares. The firm views Abbott’s Q3 as a supportive datapoint of the view that Abbott’s Medical Devices business has one of the best product portfolios in all of MedTech with over 50% of revenue exposed to high-growth end markets, the analyst tells investors in a research note. Abbott remains one of the firm’s top-conviction large cap picks, and UBS continues to remain bullish on its ability to sustain double-digits Medical Devices growth, while driving more positive operating leverage vs. consensus.