Abbott price target raised to $145 from $133 at Piper Sandler

Piper Sandler analyst Adam Maeder raised the firm’s price target on Abbott (ABT) to $145 from $133 and keeps an Overweight rating on the shares. The firm notes Abbott reported Q1 results that beat on adjusted EPS with reported revenue coming in slightly below consensus, which Piper sees as primarily a function of weaker than expected COVID-testing sales. More importantly, Abbott turned in +6.9% year-over-year organic growth and +8.3% year-over-year organic growth, including +12.6% ex-FX in medical devices-the latter two better than the firm modeled.