These Analysts Cut Their Forecasts On Abbott After Q3 Results

Abbott Laboratories ABT reported better-than-expected third-quarter results.

Abbott reported quarterly adjusted EPS of $1.14, compared to $1.15 a year ago, beating the consensus of $1.04. Sales of $10.1 billion decreased 2.6%, beating the consensus of $9.32 billion.

Abbott said it sees FY23 adjusted EPS of $4.42-$4.46 versus prior guidance of $4.30-$4.50 and consensus of $4.18.

Abbott shares fell 0.1% to trade at $95.51 on Thursday.

These analysts made changes to their price targets on Abbott following earnings announcement.

• Raymond James cut the price target on Abbott from $123 to $110. Raymond James analyst Jayson Bedford maintained an Outperform rating.
• Wells Fargo lowered the price target on Abbott from $136 to $116. Wells Fargo analyst Lawrence Biegelsen maintained an Overweight rating.
• Morgan Stanley slashed the price target on Abbott from $112 to $107. Morgan Stanley analyst David Lewis maintained an Equal-Weight rating.

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