UPDATE: BMO Capital Markets Initiates Abbott Laboratories at Outperform on Growth, Margin Expansion
BMO Capital Markets initiated coverage on Abbott Laboratories (NYSE: ABT) with an Outperform rating and a $36 price target.
BMO Capital Markets noted, "The new Abbott is expected to deliver 2012E sales of $21.5B (flat; up 4% ex-FX) from four distinct businesses: Nutritionals (30% of sales); Medical Products (26%); Established Pharmaceuticals (24%); and Diagnostics (20%). With leading market share positions and an extensive geographic footprint, particularly in the emerging markets (about 40% of revenue), we expect the company to benefit from a focused management team and dedicated resources, to drive mid- to high-single-digit revenue growth, expand operating margins, and deliver double-digit EPS."
Abbott Laboratories closed at $31.40 on Monday.
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