UPDATE: Atlantic Equities Starts Abbott Labs (ABT) at Neutral
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Atlantic Equities analyst James Mainwaring initiates coverage on Abbott Labs (NYSE: ABT) with a Neutral rating and a price target of $122.00.
The analyst comments "We believe investors already appreciate the potential boost to organic growth the coronavirus cash benefit could bring with consensus estimating low double digit CAGR through FY25 in the medical devices division. While we see strong COVID-19 diagnostic demand through FY22, the weight of data coming from the vaccines suggests that to expect elevated demand beyond then would be inappropriate. Consequently, we would expect to see revenue growth decelerate in FY22 and turn negative in FY23 weighing on valuation and consequently share price performance."
Shares of Abbott Labs closed at $121.50 yesterday.
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