In a report released yesterday, Sean Lavin from BTIG maintained a Hold rating on Abbott Labs (ABT). The company’s shares closed yesterday at $72.88.
Lavin observed:
“Q1 results were in line to slightly better than our expectations. Organic revenue growth of 7% was consistent with guidance and our model. The FY19 outlook was reiterated. Taking a closer look at numbers, however, results, particularly on the Device side, were a bit mixed. Failure performance exceeded and continue to be stellar areas for ABT, there were a few missteps in CRM and Neuromod results. Mgmt acknowledged such areas of vulnerability and will continue to address places that could be considered commercial inadequacies. Timelines were unchanged on items like MitraClip updated reimbursement. We sense there was some investor hope that mgmt might say either could go faster. While we see no change as expected, a bit of today’s share slide may be because of some hopes for a surprise; a weak healthcare tape may have played a part, too.”
According to TipRanks.com, Lavin is a 4-star analyst with an average return of 5.1% and a 51.7% success rate. Lavin covers the Healthcare sector, focusing on stocks such as Establishment Labs Holdings Inc, Helius Medical Technologies, and Tactile Systems Technology.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Abbott Labs with a $81.50 average 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 $7.77 billion and net profit of $649 million. In comparison, last year the company earned revenue of $7.39 billion and had a net profit of $415 million.
Based on the recent corporate insider activity of 74 insiders, corporate insider sentiment is negative on the stock.
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