Deutsche Bank reported on Friday that they have downgraded health care product company, Abbott Laboratories(ABT).

The firm has lowered their price target from a “Buy” to “Hold,” and has reduced the company’s price target from $70 to $33. This price target suggests a slight decrease from the stock’s current price of $33.11. The decreased price target is a result of the stock’s split and the spin off of AbbVie(ABBV).

Deutsche Bank commented, “with this note, we are establishing our formal estimates and price target for “new ABT”. From a fundamental perspective, we believe new Abbott is an attractive company as it is well-diversified from a product, geographic, and reimbursement risk perspective and has the potential for above peer growth. However, we believe the current share price captures this positive fundamental outlook and our revised price target for “new ABT” is $33 (old was $70). Given the limited upside, we now rate “new ABT” Hold (“old ABT” was a Buy).”

Abbott Laboratories shares were mostly flat during premarket trading Friday. The stock has increased 18% in the past year.

The Bottom Line
Shares of Abbott Labs (ABT) have a 1.68% dividend yield, based on last night’s closing stock price of $33.27. The stock has technical support in the $30 price area. The stock is trading near split-adjusted 52-week highs.

Abbott Laboratories(ABT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.