Bank of America has increased its price target for Abbott Laboratories by $17, setting a new target of $120. This adjustment reflects a 16.5% increase from the previous target. The decision was influenced by several key factors. Firstly, Abbott’s strong performance in the medical device sector, which saw a 12.3% growth in sales last quarter, played a significant role. Additionally, the company’s diversified portfolio, including nutrition, diagnostics, and pharmaceuticals, contributed to this optimistic outlook. The bank also noted Abbott’s robust financial health, with a 10.5% rise in net income over the past year. These statistics underline the confidence in Abbott’s future market performance and its ability to navigate through economic fluctuations.
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