Abbott price target lowered to $112 from $120 at Jefferies

Jefferies analyst Matthew Taylor lowered the firm’s price target on Abbott to $112 from $120 and keeps a Hold rating on the shares. The firm’s survey work and doctor calls suggest some impact on insulin use down the road from GLP1s, given low type 2 diabetes penetration, demographic tailwinds, and potential frictions around GLP-1 use. However, Jefferies sees the potential for a “modest drag” or no drag on the insulin pump opportunity and views the opportunity for continuous glucose monitors as “unimpaired or helped” by GLP-1s. Jefferies reduced Abbott’s target to reflect lower market multiples and the impact of currency drags on earnings.