Should You Sell Abbott Laboratories Stock?

Shares of Abbott Laboratories (NYSE: ABT) are up by 6.3% year to date, a better-than-average performance relative to the broader market that it owes in part to its involvement in the fight against COVID-19. The healthcare company successfully developed several diagnostic tests for the coronavirus, but even though it's currently a leader in this niche, at least one analyst thinks investors should dump its stock.

Specifically, Goldman Sachs analyst Amit Hazan downgraded Abbott's stock from neutral to sell. And although he increased his price target for the stock from $79 to $84, that new target is still 10% below where Abbott is currently trading. Hazan asserts that investors "overreacted" to Abbott's opportunity within the COVID-19 testing niche, and that other companies such as Roche are in better positions in this space. Is he right? I don't think so, and here's why.

Image Source: Getty Images.

Source Fool.com