Deutsche Bank Reiterates Hold on Abbott Laboratories Following Release of MitraClip FDA Panel Documents
In a report published Monday, Deutsche Bank analyst Kristen Stewart reiterated a Hold rating and $33.00 price target on Abbott Laboratories (NYSE: ABT).
In the report, Stewart noted, “The FDA has released panel documents for MitraClip, which will be evaluated by an FDA Circulatory Systems Devices Panel on March 20. The MitraClip device is a minimally invasive catheter-based device used to treat mitral regurgitation. The device received CE Mark in 2008 with sales annualizing ~$120M and has been pending FDA panel review for several years. We've had low expectations for MitraClip in the US and as such, the panel docs do not change our view on the stock. Maintain Hold.”
Abbott Laboratories closed on Friday at $34.14.
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