11:31 AM EDT, 10/17/2024 (MT Newswires) -- Abbott Laboratories ( ABT ) is likely to sustain business momentum into 2025 as its Q3 financial results showed the strength of its diversified business model, RBC Capital Markets said in a note to clients emailed Thursday.

The company delivered a strong Q3 on the top and bottom lines, RBC said, noting a penny beat to adjusted earnings of $1.21 and Q3 net sales of $10.64 billion that were above consensus estimates and driven mainly by Medical Device sales and Diagnostics, as well as Established Pharmaceuticals.

For 2025, RBC said Abbott has comfort in achieving its forecast of a high-single-digit organic revenue growth and double-digit EPS growth in line with consensus. "Overall, we believe [Abbott's] underlying momentum and solid growth profile is intact," analysts said in the note.

Abbott is also seeing strength in procedure utilization with technological innovations helping increase adoption, according to the note. Other positive factors include the "robust growth across geographies" delivered by the Medical Devices segment and long-term growth opportunities in emerging markets for the company's generics and biosimilar portfolio, RBC added.

RBC kept Abbott's outperform rating and $130 price target.

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