Credit Suisse Group has raised its target price by $ 27 on Abbott Laboratories (NYSE:ABT) to $ 136.00 from the previous mark of $ 109.00, suggesting the upside potential of more than 22.75 percent from the existing levels. However, the brokerage has maintained its Outperform rating on the stock, Benzinga reported.
Shares of Abbott Laboratories traded low $ -1.42 or -1.28 percent on Monday, reaching $ 109.37 with volume of 4.05 million shares. The stock opened down for the day at $ 110.70, after closing the previous day trading at $ 110.79. According to the previous trading day, closing price of $ 110.79, representing a 79.82 % increase from the 52 week low of $ 61.61 and a 2.99 % decrease over the 52 week high of $ 114.20.
With respect to the key metrics, Abbott Laboratories stock has advanced $ 18.90 or 21.00 percent, reaching $ 90.47 during the simple moving average (SMA) period of 200 days. Similarly, the stock has increased $ 8.69 or 9.00 percent, before arriving at $ 100.68 during the SMA50-day period.
Abbott Laboratories recently reported second quarter financial results on July 16, 2020, before market open, manufacturer of health care products recorded income for the second quarter of $ 0.57 per share, from the revenue of $ 7,328.00 million. The quarterly earnings shrunk 30.49 percent while revenues down 8.16 percent compared with the same quarter last year.
The consensus estimates are income of $ 0.41 per share from $ 6749.42 million in revenue. The bottom line results beat street analysts by $ 0.16 or 39.02 percent, at the same time, top line results outshined analysts by $ 578.58 million or 8.57 percent.
Moving ahead, the analysts surveyed by Thomson Reuters are predicting, Abbott Laboratories to report 3Q20 income of $ 0.89 per share from revenue of $ 8493.94 million. For the full year, analysts anticipate top line of $ 32944.00 million, while looking forward to income of $ 3.28 per share bottom line.
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The companys Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménières disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon. Its Diagnostic Products segment offers core laboratory systems in the areas of immunoassay, clinical chemistry, hematology, and transfusion; molecular diagnostics systems that automates the extraction, purification, and preparation of DNA and RNA from patient samples, as well as detects and measures infectious agents; cartridges for blood analysis; rapid diagnostics systems for infectious diseases; molecular point-of-care care testing for HIV, influenza A and B, RSV, and strep A; cardiometabolic test systems; drug and alcohol test systems, as well as remote patient monitoring and consumer self-test systems; and informatics and automation solutions for use in laboratories.
