Abbott price target raised to $139 from $135 at BTIG

BTIG raised the firm’s price target on Abbott to $139 from $135 and keeps a Buy rating on the shares after the company reported a Q3 revenue beat, led by continued strength from the Medical Devices segment and COVID test sales that drove a beat in Diagnostics. Abbott “continues to grow faster in Devices than nearly all its large-cap MedTech peers,” says the analyst, who notes that six of the seven Device business units outperformed and the seventh unit, Neuromod, was in line. The firm thinks sustainable growth from top Device franchises and new Device introductions can help sales, while favorable mix benefit, recovery in Nutrition and Diagnostics margins, and the new $7B share repurchase authorization may help push adjusted EPS higher.