Analysts’ recommendations for ABT
Abbott Laboratories (ABT) showed an impressive performance in 2017 despite a challenging macroeconomic environment and big-ticket acquisitions. The company reported strong 2017 results on January 24, 2018, and it has secured a number of product approvals and reimbursement approvals since then, strengthening its market position.
Abbott is focusing on growing organically in 2018. For more details, read Why Abbott Laboratories Plans to Focus on Organic Growth in 2018. In this article, we’ll take a look at how Wall Street views ABT stock now. We’ll discuss analysts’ recent recommendations and target prices on ABT stock.
On April 6, 2018, of the 21 analysts considered in a Reuters survey, ~81% (or 17) gave “strong buy” or “buy” recommendations on ABT stock. The remaining four analysts gave the stock “hold” recommendations. No analysts provided “sell” recommendations on ABT.
On April 6, analysts’ consensus 12-month target price for ABT stock was $68.22. This target price reflects a 12-month investment return potential of ~14% for ABT on the basis of its closing price of $59.86 on April 5.
On April 6, peers Medtronic (MDT), Edwards Lifesciences (EW), and Boston Scientific (BSX) had 12-month consensus target prices of $91, $145.2, and $31.8, respectively. These targets imply 12-month investment return potentials of 14.2%, 3.1%, and 13.2%, respectively, for these companies.
Rating revisions and updates
On April 5, Evercore ISI cut its target price on ABT stock from $67 to $65. Evercore initiated coverage of ABT with an “outperform” rating and a price target of $64 per share on January 3, 2018. However, the company raised its target price on the stock from $64 to $67 after Abbott’s stellar earnings results on January 24, 2018.
On March 29, 2018, Citigroup raised its target price on ABT stock from $64 to $66. The company had previously raised its target price on Abbott from $59 to $64 on January 30, 2018, following a number of investment companies increasing their target prices on ABT after its strong 2017 earnings results.
Next, let’s discuss Abbott’s recent stock price performance.