Abbott Laboratories' (ABT) reduced full-year revenue outlook reflects temporary headwinds, but its underlying growth trajectory remains solid, RBC Capital analysts said in a Thursday note.
The firm said in a note Thursday that Abbott's modest Q2 results beat was driven by 12.2% growth in its medical devices business, including 18.5% organic growth in diabetes care.
However, guidance was trimmed after the firm reported declines in COVID-19 testing, pricing pressure in China's Core Lab diagnostics, and US funding cuts for HIV testing, RBC said.
Organic sales growth for 2025 is now expected between 6% to 7% compared with previous estimates of 7.5% to 8.5%, the analysts said.
Despite the revised outlook, RBC said Abbott retained its 2025 earnings per share midpoint of $5.15.
RBC maintained its outperform rating on Abbott Laboratories and a $147 price target.
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