Abbott Laboratories ABT reported better-than-expected third-quarter results on Wednesday.
The company posted sales of $10.64 billion, up 4.9% year over year, beating the consensus of $10.55 billion. Abbott’s adjusted diluted earnings per share was $1.21, beating the analyst estimates of $1.20.
"Our results this quarter demonstrate the strength of our diversified business model," said Robert Ford, chairman and CEO of Abbott. "We're well-positioned to achieve the upper end of our initial guidance ranges for the year and have great momentum heading into next year."
Abbott projects full-year 2024 adjusted EPS of $4.64-$4.70 versus prior guidance of $4.61-$4.71 and consensus of $4.66. Abbott forecasts that in the fourth quarter of 2024, the adjusted EPS will be $1.31-$1.37 versus the consensus of $1.20.
Abbott shares gained 1.5% to close at $117.82 on Wednesday.
These analysts made changes to their price targets on Abbott following earnings announcement.
- Morgan Stanley analyst David Lewis maintained Abbott with an Equal-Weight and raised the price target from $107 to $117.
- Piper Sandler analyst Adam Maeder maintained the stock with an Overweight and boosted the price target from $131 to $133.
Considering buying ABT stock? Here’s what analysts think:
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