Abbott Labs (ABT) CardioMEMS Label Expanded, Morgan Stanley Reiterates Top Pick

Morgan Stanley analyst Cecilia Furlong reiterated the Top Pick designation, Overweight rating and $151.00 price target on Abbott Labs (NYSE: ABT) after the FDA approved an expanded indication for Abbott's CardioMEMS Heart Failure System, expanding the indication for use into Class II Heart Failure patients as well as those with elevated natriuretic peptides.

The analyst stated "With an expanded indication now in place, market and referral pathway development, combined with reimbursement efforts on the national level, are the keys to further long-term adoption. Abbott will continue to pursue a National Coverage Determination (NCD), while we expect local MAC coverage to support adoption near term. Expansion into Class II HF patients as well as those without a recent HF-related hospitalization opens up a significant new target market opportunity, yet we expect a steady ramp in adoption, rather than an inflection, as treatment approaches and best practices for earlier-stage HF patients evolve to include pulmonary pressure monitoring."

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 $116.79 yesterday.

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