Deutsche Bank Downgrades Abbott Labs (ABT) to Hold to Reflect 'new ABT'

Deutsche Bank downgraded Abbott Labs (NYSE: ABT) from Buy to Hold with a price target of $33.00 (from $70.00) following real-way trading of newly spun AbbVie (NYSE: ABBV)

The firm comments, "With this note, we are establishing our formal estimates and price target for "new ABT". From a fundamental perspective, we believe new Abbott is an attractive company as it is well-diversified from a product, geographic, and reimbursement risk perspective and has the potential for above peer growth. However, we believe the current share price captures this positive fundamental outlook and our revised price target for "new ABT" is $33 (old was $70). Given the limited upside, we now rate "new ABT" Hold ("old ABT" was a Buy)."

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 $33.27 yesterday.

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