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Abbott Laboratories Has 'Solid Upside Potential,' BofA Says After Q3 Print

Abbott Laboratories Has 'Solid Upside Potential,' BofA Says After Q3 Print

Abbott Laboratories (NYSE: ABT) reported strong third-quarter results Wednesday and looks able to generate double-digit earnings growth going ahead, even without considering testing revenue, according to BofA Securities.

The Abbott Laboratories Analyst: Bob Hopkins reiterated a Buy rating on Abbott Laboratories with an unchanged $122 price target. 

The Abbott Laboratories Thesis: The company reported another solid quarter for the Libre glucose monitor, with sales of $163 million in the U.S. and $520 million outside the U.S., Hopkins said in the note.

Abbott Laboratories could post earnings of $4.40-$4.50 per share in 2021 and close to $5 per share in 2022, the analyst said. 

"These numbers suggest to us ABT is actually trading at a reasonable valuation and we see solid upside potential from current levels," he said. 

"The company’s testing franchise provides EPS protection and an ability to accelerate investments. ABT’s device pipeline (Mitral, Tricuspid, Amulet, CardioMEMS, Libre 3) suggests a solid growth outlook for devices in 2021 and 2022. And over the next two years, we have more conviction in ABT’s ability to deliver on earnings than any name we follow."

ABT Price Action: Shares of Abbott Laboratories were trading 3.49% higher at $109.57 at last check Thursday.

Photo courtesy of Abbott Laboratories. 

Latest Ratings for ABT

Nov 2020Morgan StanleyMaintainsOverweight
Oct 2020Credit SuisseMaintainsOutperform
Oct 2020JefferiesMaintainsBuy

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