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UPDATE: Deutsche Bank Downgrades Abbott Laboratories to Hold, Lowers PT

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In a report published Friday, Deutsche Bank downgraded its rating on Abbott Laboratories (NYSE: ABT) from Buy to Hold, and lowered its price target from $70.00 to $33.00.

Deutsche Bank noted, “Effective January 2, real-way trading commenced for the ‘new Abbott' (ABT-$33.27) and newly spun AbbVie (ABBV-$34.83). 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).”

Abbott Laboratories closed on Thursday at $33.29.

Latest Ratings for ABT

DateFirmActionFromTo
Jul 2014BarclaysMaintainsEqual-weight
Jul 2014Raymond JamesMaintainsOutperform
Jul 2014JefferiesMaintainsBuy

View More Analyst Ratings for ABT
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Downgrades Analyst Ratings

 

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