Abbott Labs Price Target Cut by Analysts
Analysts responded to Abbott's reduced profit forecast, but they remain bullish because of Abbott's strong fundamentals. Shares firmed.
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Abbott Laboratories (
The stock recently traded at $107.11, up 1.25%. It has dropped 2.2% over the past six months, after plummeting 9% on Tuesday following the profit forecast reduction.
As for the analysts, Morgan Stanley’s Cecilia Furlong lowered her price target to $126 from $140 but left her rating at overweight.
“While the post-COVID Dx [diagnosis] earnings void comes sooner than forecast, and while expectations will reset, reinvestment opportunities remain meaningful,” she said. “Base business trends are positive on recovery.”