Wall Street Raises Target Price on ABT after Strong Q2 Earnings

Analysts’ recommendations for ABT

Abbott Laboratories (ABT) reported its second-quarter earnings on July 18. Following its strong results, several analysts updated their recommendations and target prices on ABT stock. Let’s look at the updated recommendations and target prices for the stock.

Wall Street Raises Target Price on ABT after Strong Q2 Earnings

On July 24, a Reuters survey of 20 brokerage firms tracking ABT stock noted that 16 firms (80%) gave ABT stock a “buy” or “strong buy” rating. Four firms (20%) gave a “hold” recommendation on Abbott Laboratories, and there were no “sell” ratings for ABT stock.

The chart above shows a summary of the recommendations provided for ABT stock since April 24.

Target price

On July 24, Abbott Laboratories had a consensus 12-month target price of $70.81, implying a 12-month investment return potential of ~12.1%. This return is based on the stock’s closing price of $63.20 on July 23.

Among Abbott Laboratories’ peers, Boston Scientific (BSX), Medtronic (MDT), and Edwards Lifesciences (EW) had average analyst target prices of $35.46, $94.60, and $151.70, respectively. These price targets imply 12-month returns of 5.2%, 6.7%, and -0.64%, respectively.

Analysts’ rating revisions and updates

The day after Abbott Laboratories’ (ABT) second-quarter earnings release on July 18, RBC raised its target price on ABT stock from $67.00 to $70.00 while maintaining its “outperform” rating.

On the same day, Cowen and Company, Jefferies, Stifel Nicolaus, and Raymond James also increased their price targets on the Abbott Laboratories. These firms have target prices of $72.00, $74.00, $72.00, and $72.00, respectively, on ABT stock. These target price updates reflect Wall Street’s increased confidence in the company’s outlook over the next 12 months.

Next, let’s discuss the sales performance of Abbott Laboratories in the second quarter.

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