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Home » JP Morgan upgrades Boston Scientific, downgrades Abbott | Wall Street Beat

JP Morgan upgrades Boston Scientific, downgrades Abbott | Wall Street Beat

September 28, 2011 By MassDevice staff

MassDevice.com Wall Street Beat

Analysts at JP Morgan Chase & Co. raised their rating on Boston Scientific (NYSE:BSX) but took a dimmer view of rival Abbott (NYSE:ABT), downgrading ABT shares from “overweight” to “neutral.”

The investment firm boosted its view on BSX from “underweight” to “neutral,” sending share prices up from a Sept. 26 close of $5.93. The stock broke the six-dollar mark yesterday, marking a high of $6.30 before falling back to $6.09 at the market’s close – a 2.7 percent gain on the day, abetted by an overall market recovery. Shares were trading at $6.13 as of about 1 p.m. today.

The JP Morgan researchers were less kind to ABT shares, lowering their rating from “overweight” to “neutral” yesterday. The market rebound helped Abbott gain despite the news – shares started the day at $50.59, hitting a $51.67 high before closing at $51.20 yesterday. ABT shares were trading at $51.66 today as of about 1 p.m., up nearly 1 percent for the day.

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Earlier this month, Abbott shed another 160 of the 1,900 positions it plans to eliminate as part of a larger streamlining initiative.

Filed Under: News Well, Wall Street Beat Tagged With: Abbott, Boston Scientific, JP Morgan Chase

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