Investing.com - Shares of Abbott Labs fell Wednesday as broad-market selling pressure weighed, even as RBC Capital Markets said the drug company was set to continue its string of "strong" quarterly results.
RBC upgraded its price target on Abbott's stock to $77 per share from $70, insisting that while the company will struggle to beat its first-half organic growth of 7.5% in the third quarter, "upside to consensus remains a distinct possibility."
RBC kept its investment rating on the stock at outperform and said Abbott's string of strong quarterly results was likely to continue.
The bullish note from RBC comes a week ahead of Abbot's third-quarter results.
Abbott Laboratories (NYSE:ABT) fell by 3% to trade at $69.13 by 14:27 (18:27 GMT) on Wednesday on the NYSE. The volume of Abbott Labs shares traded since the start of the session was 5.34 million. Abbott Labs has traded in a range of $69.09 to $71.21 on the day. The stock has traded at $74.05 at its highest and $69.10 at its lowest during the past seven days.