uploads/2018/10/equipment-3089883_1280.jpg

Abbott Laboratories: Why Analysts Are So Bullish

By

Updated

Abbott Laboratories stock

On October 23, Abbott Laboratories (ABT) stock closed at $68.57, which was 0.07% higher than its previous closing price. That’s not too significant, but the stock has fallen 7.11%, from $73.82 on October 1 to $68.57 on October 23.

On October 17, Abbott Laboratories announced its third-quarter earnings. According to its earnings press release, it expects its GAAP diluted EPS for fiscal 2018 to be $1.33–$1.35, which is narrower than the previously projected range of $1.34–$1.40.

The company also narrowed its guidance for 2018 adjusted diluted EPS from $2.85–$2.91 to $2.87–$2.89. After that, the stock fell 2.97%, from $70.23 on October 17 to $68.14 on October 18.

Based on its closing price on October 23, it has returned -3.35% in the past week, -4.02% in the past month, and 5.12% in the past quarter. It has returned 16.91% in the last six months, 22.27% in the last year, and 20.15% year-to-date.

Article continues below advertisement

Analyst recommendations and target prices 

The 12-month consensus analyst recommendation for Abbott Laboratories as of October 24 is a “buy.” Its 12-month consensus target price is $78.94, which is 15.12% higher than its closing price on October 23. The highest target price estimate for the company is $86, and the lowest is $72.

Of the 20 analysts covering Abbott Laboratories on October 24, eight of them have rated it a “strong buy,” and eight have rated it a “buy.” Four analysts have rated it a “hold.”

In the next part of this series, we’ll look at revenue projections for Abbott Laboratories for fiscal 2018.

Advertisement

More From Market Realist