In a report published Friday, Deutsche Bank downgraded its rating on Abbott LaboratoriesABT
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.
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