Abbott started at outperform by Oppenheimer, diversified portfolio cited
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- Oppenheimer started coverage of Abbott Laboratories (NYSE:ABT) with an outperform rating, citing its diverse product portfolio and favorable risk-reward.
- Calling Abbott (ABT) “a tale of two cities,” Oppenheimer said the company’s medtech portfolio, which generates around 45% of its global sales, is growing at 11-13% CAGR, with its non-medtech operations at low single digits to mid-single digits CAGR due to a litigation overhang on its pediatric nutrition business and dwindling sales for COVID-19 diagnostics.
- “As these non-medtech headwinds subside, comps become easier in FY26, and top-line composite growth should tick up to low double-digits, along with EBIT margins,” the bank added in its note.
- Oppenheimer set its price target for Abbott (ABT) at $130.