Abbott price target lowered to $120 from $150 at BofA

BofA lowered the firm’s price target on Abbott (ABT) to $120 from $150 and keeps a Buy rating on the shares. The biggest overhang prior to Q1 was investors not believing in the second half acceleration and the Q1 results “didn’t give investors any more confidence” in the second half, the analyst contends. The firm estimates implied organic growth is now guided at 6.2% versus prior guidance for 6.5%-7.5%, the analyst added.