Morgan Stanley analyst David Lewis raised the firm's price target on Abbott (ABT) to $112 from $106 and keeps an Overweight rating on the shares after the company disclosed BinaxNOW volumes and pricing that were "materially different" than his initial expectations.
The analyst, who said Abbott may "change the game" with its test, added that the BinaxNOW COVID-19 antigen is "bigger and better than expected" and that the company is "looking to democratize COVID-19 testing" with a $5 price point.
His total Abbott Diagnostics revenue estimates have moved materially higher to include U.S. antigen testing while he has lowered his COVID-19 Dx revenue assumptions by 20% in FY21 for Becton Dickinson (BDX) and cut his COVID-19 Dx revenue assumptions by 10% in CY21 for Hologic (HOLX).
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