Oppenheimer Reiterates 'Outperform' Rating on Abbott Laboratories (ABT)

Abbott Laboratories (NYSE:ABT) is one of the top 10 defensive stocks to consider in a volatile market. On July 3, analysts at Oppenheimer reiterated an ‘Outperform’ rating on the stock and a $14 price target. The bullish stance follows the Centers for Medicare & Medicaid Services (CMS) final decision on transcatheter edge-to-edge repair for the tricuspid valve (T-TEER).

The latest decision includes the elimination of the requirement for an electrophysiologist and multi-modality imaging specialists. Additionally, it eliminates the need for patient consultation with all team members. The reduction in the requirement is a significant boost for tricuspid valve (T-TEER) as it shares similarities with Edwards Lifesciences’ transcatheter tricuspid valve replacement (TTVR).

Despite conflicting stakeholder opinions regarding volume standards, CMS chose not to enforce volume or resource requirements. Instead, it retained flexible definitions of optimal medical therapy in line with FDA labeling without specifying the requirements for tricuspid regurgitation severity.

Abbott Laboratories (NYSE:ABT) is a healthcare company that discovers, develops, manufactures, and sells a range of healthcare products. It is one of the best defensive stocks, as it provides generic pharmaceuticals, laboratory, and transfusion medicine systems.

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Disclosure: None. This article is originally published at Insider Monkey.