UPDATE: Benchmark Raises PT to $62 on Abbott Laboratories on Breakup Insights

Benchmark reiterates its Neutral rating on Abbott Laboratories

but raises its price target from $60 to $62. Benchmark notes, "We've updated our Abbott model to reflect the additional disclosures in the company's Form 10 released Monday (June 4) ahead of the AbbVie spin later this year. The Form 10 is noteworthy, as it provides us with our first glimpse into the breakdown of Abbott's profits and cash flows between the two businesses –proprietary pharma (AbbVie) and New Abbott – prior to the spin. The breakdown is, of course, historical (2011 and 1Q12) and doesn't yet reflect (1) the allocation of Abbott's capital structure between the businesses (we assume 70% of net debt goes to AbbVie); and (2) the incremental expenses AbbVie will incur as a separate stand-alone company (we model $175M), including a series of transition agreements with New Abbott. That said, there are a handful of important takeaways from the Form 10." ABT closed at $60.46 on Tuesday.