Jefferies Lifts Price Target on Abbott Labs (ABT)

Jefferies maintained a Buy rating on Abbott Labs (NYSE: ABT) and raised its price target to $87.00 (from $85.00).

"The announcement of a lower than expected 2013 AbbVie dividend due to a higher than expected tax rate put pressure on the shares yesterday," said analyst Jeffrey Holford.

"However, the market needs to focus more on the higher than expected margins and earnings for "New Abbott", which more than offset the lower AbbVie dividend now that we look to a 15x 2014E multiple for valuation," he added.

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 $69.04 yesterday.

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