In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Abbott Laboratories ABT, and raised its price target from $75.00 to $85.00.
Jefferies noted, “We have carved out AbbVie within our Abbott model as a separate entity, enabling us to more precisely hone our earnings, dividend and valuation estimates on a sum of the parts basis. We now value AbbVie at $55 per share with the remaining Abbott business (DMP) valued at $30 per share, making our new PT $85. Abbott remains our top pick through 2012 and we see a strong set of newsflow and valuation drivers over the next 6 months.”
Abbott Laboratories closed on Tuesday at $68.91.
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