Analysts at Wells Fargo upgraded pharmaceutical company Abbott
Laboratories ( ABT ) from "Market Perform" to
"Outperform" on Friday.
The new price target for Abbott Labs is $71 to $74. That is
roughly a 10% upside from Thursday's closing price of $66.64.
Analyst Larry Biegelsen said,"We believe the recent
pullback-following the 3Q report and termination of bardoxolone
program-provides an attractive entry point for investors ahead of
the split of the company at the end of 2012."
Biegelsen went on to say, "Looking at 2013, we believe ABT
management has set performance targets for each company's first
year that should be at least achievable if not beatable. For the
new ABT, we expect the management team, including current CEO Miles
White, to build an earnings track record of beats and raises as was
done for the current ABT. For AbbVie, we view the HCV opportunity
and continued strong growth of the Humira franchise as key drivers
Abbott Laboratories shares were mostly flat in premarket trading
on Friday. ABT shares are up $10.41, or 18.51%, year to date.
The Bottom Line
We have been recommending shares of Abbott Labs (
ABT ) since Feb.18, 2011, when the stock was
trading at $46.32. The company has a 3.06% dividend yield, based on
last night's closing stock price of $66.64.
Abbott Laboratories ( ABT ) is recommended
at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well
as a detailed explanation of our ratings system here .
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