Abbott Labs (ABT) Gets a Buy Rating from Wells Fargo

By Austin Angelo

Wells Fargo analyst Larry Biegelsen maintained a Buy rating on Abbott Labs (ABTResearch Report) yesterday. The company’s shares closed last Wednesday at $84.95.

According to TipRanks.com, Biegelsen is a 5-star analyst with an average return of 9.1% and a 55.7% success rate. Biegelsen covers the Healthcare sector, focusing on stocks such as Axonics Modulation Technologies, Inspire Medical Systems, and Zimmer Biomet Holdings.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Abbott Labs with a $96.89 average price target, representing a 17.4% upside. In a report issued on March 27, Morgan Stanley also maintained a Buy rating on the stock with a $96.00 price target.

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Based on Abbott Labs’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $8.31 billion and net profit of $1.05 billion. In comparison, last year the company earned revenue of $7.77 billion and had a net profit of $654 million.

Based on the recent corporate insider activity of 118 insiders, corporate insider sentiment is neutral on the stock.

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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.