Goldman Sachs Decreases Price Target on Abbott Laboratories (ABT)

Goldman Sachs decreases its price target on Abbott Laboratories (NYSE: ABT) from $58 to $54.

In a note to clients, Goldman Sachs writes, "With our updated immunology market model, we are modestly reducing our Humira estimates by $100 mn in 2011 to $500 mn in 2015. We are also lowering our ABT 12-month price target to $54 from $58, which we arrive at by applying a lower 11.5X multiple to 2011E EPS to reflect the increased competitive risk to Humira. We have not reflected tasocitinib competition in our Humira estimates to, nor have we raised our PFE tasocitinib estimates."

ABT is trading at $46.39.