$151 price target and overweight rating
- Shares of Abbott Laboratories (NYSE:ABT) received a price target of $151 from Morgan Stanley. These are the details.
Shares of Abbott Laboratories (NYSE:ABT) received a price target of $151 from Morgan Stanley. And Morgan Stanley analyst Cecilia Furlong reiterated the “Top Pick” designation and “Overweight” rating on the stock.
Furlong adjusted the rating after the FDA approved an expanded indication for Abbott’s CardioMEMS Heart Failure System, expanding the indication for use to patients with Class II heart failure as well as those with high natriuretic peptides.
“With an expanded indication now in place, market and referral pathway development, combined with national reimbursement efforts, are keys to long-term adoption,” Furlong wrote in a research report. “Abbott will continue to pursue a National Coverage Determination (NCD), while we expect local MAC coverage to support near-term adoption. Expanding to Class II IC patients as well as those who have not recently been hospitalized due to IC opens up a significant new target market opportunity, but we expect continued growth of adoption, rather than inflection, as treatment approaches and best practices for the early stages. Patients with IC are progressing to include lung pressure monitoring. »
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