Jefferies Lifts Target on Abbott Labs (ABT) After Carving Out AbbVie

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Jefferies boosted its price target on Buy-rated Abbott Labs (NYSE: ABT) from $75 to $85 after carving out split-off AbbVie in their model.

"We now value AbbVie at $55 per share with the remaining Abbott business (DMP) valued at $30 per share, making our new PT $85," the analyst said.

"Abbott remains our top pick through 2012 and we see a strong set of newsflow and valuation drivers over the next 6 months."

FY12 EPS was raised from $5.71 to $5.83 and FY13 from $6.30 to $6.36.

For an analyst ratings summary and ratings history on Abbott Labs click here. For more ratings news on Abbott Labs click here.

Shares of Abbott Labs closed at $68.91 yesterday, with a 52 week range of $48.96-$69.27.

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