Barclays Initiates Coverage on Abbott Laboratories With Overweight Rating, $120 Price Target

Barclays initiated coverage on 26 medical device makers, rating Stryker (SYK) and Abbott Laboratories (ABT) as Overweight. Analyst Christopher Pasquale cited compelling valuations and a potential stabilization of revenue as catalysts. Price targets were set for several companies, including SYK at $375 and ABT at $120.

Barclays initiated coverage on 26 medical technology companies, rating Stryker (SYK) and Abbott Laboratories (ABT) as Overweight. The firm sees current valuations as attractive and expects revenue stabilization to boost sentiment. Price targets: SYK at $375, ABT at $120.

Abbott Laboratories agreed to a $385M settlement to resolve a False Claims Act lawsuit over alleged contamination at its Sturgis, Michigan, and Casa Grande, Arizona, plants. The DOJ and state AGs filed the suit, citing poor conditions and alleged concealment of contamination tests. Abbott denied liability. The 2022 recall caused widespread formula shortages. Whistleblowers will receive $69M.

Abbott Laboratories received FDA approval for upgrades to its CardioMEMS HF System and launched SimpleScreen CRC, a blood-based colorectal cancer screening test. These updates extend Abbott's reach in heart failure monitoring and early cancer detection. Analysts expect 8.8% yearly revenue growth and profit margins rising to 16.0% by 2029, with a consensus earnings forecast of $9.6b by 2029.

Abbott (ABT) received FDA approval for an update to its CardioMEMS heart failure monitoring platform, enabling patients to track pulmonary artery pressure and receive medication updates via an app. The company aims to empower patients and improve treatment management. Abbott plans to roll out the software updates later this year.

Abbott Laboratories received FDA approval for updates to its CardioMEMS HF System, enabling patients to view pulmonary artery pressure readings via the CardioGuide HF App. The system also introduces Dynamic Treatment Plan, allowing clinicians to send personalized medication adjustments. Abbott aims to launch these features later this year, enhancing patient engagement in heart failure management.