Abbott Labs (ABT) Gets a Buy Rating from Credit Suisse

By Carrie Williams

Credit Suisse analyst Matt Miksic reiterated a Buy rating on Abbott Labs (ABTResearch Report) yesterday and set a price target of $106.00. The company’s shares closed last Friday at $91.09.

According to TipRanks.com, Miksic is a 5-star analyst with an average return of 10.7% and a 67.0% success rate. Miksic covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Baxter International, and Edwards Lifesciences.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Abbott Labs with a $104.50 average price target.

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Based on Abbott Labs’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $7.73 billion and net profit of $564 million. In comparison, last year the company earned revenue of $7.54 billion and had a net profit of $672 million.

Based on the recent corporate insider activity of 244 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ABT in relation to earlier this year.

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Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, Cardiovascular and Neuromodulation Products, and Other. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products. The Nutritional Products segment caters to the worldwide sales of adult and pediatric nutritional products. The Diagnostic Products segment markets diagnostic systems and tests for blood banks, hospitals, commercial laboratories, and alternate-care testing sites. The Vascular Products segment trades coronary, endovascular, structural heart, vessel closure, and other medical device products. The Other segment comprises of Abbott Medical Optics. The company was founded by Wallace Calvin Abbott in 1888 and is headquartered in Abbott Park, IL.