Abbott Labs (ABT) PT Lowered to $140 at Evercore ISI

Evercore ISI analyst Vijay Kumar lowered the price target on Abbott Labs (NYSE: ABT) to $140.00 (from $145.00) while maintaining a Outperform rating.

The analyst commented, "ABT shares are down -8% as we write this, which seems a bit harsh to us. The fears heading into 2Q were around EP slowdown and US Libre given anemic TRx trends as per IQVIA data. These are the 2 KEY products and ABT Beat both of them. While an org cut is not ideal, we note almost ~half of this was one timer (lower COVID / USAID). Essential ~50 bps of org cut was core in our mind…and despite this ABT reiterated DD EPS for FY25. Mgmt went a step further and noted it was comfortable with ST est of ~DD EPS growth for FY26. It seems like the ST can't see beyond the NT and isn’t given any credit for EPS execution / visibility. We tweaked our PT to $140, which equates to ~27x P/E, ~21x EBITDA and ~3.6% FCF yield (consistent w large cap diversified Tools)."

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