Piper Sandler initiated coverage on Abbott Laboratories (NYSE:ABT), noting the company as a versatile large-cap with an attractive valuation.
Abbott has a diversified business model with solid distribution across segments (medtech, diagnostics, nutrition, pharmaceuticals) and geography. Medical devices are the company’s largest business, accounting for around 44% of total sales.
Abbott Laboratories reported second-quarter sales of $10.38 billion, up 4%, almost in line with the consensus of $10.37 billion.
Organic sales growth for the underlying base business was 9.3%, led by double-digit growth in medical devices.
Piper Sandler noted that the company struck a solid balance by achieving above-average growth for a large-cap medtech firm, maintaining strong efficiency metrics, and consistently paying dividends to shareholders.
Abbott has positioned itself as a high-single-digit growth company, placing it near the top of ...
