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Abbott Labs (ABT) Stock Plunges, Needham Downgrades on St. Jude Acquisition Concerns

NEW YORK (TheStreet) -- Abbott Laboratories (ABT - Get Report) shares are taking a dip, down 3.93% to $38.83 on Friday as Needham slashed its rating to "hold" from "buy," citing risks to the $25 billion acquisition of St. Jude Medical (STJ).

Analysts are overall bearish about the deal that was announced yesterday morning, even though Abbott is paying a fair price.

"Based on other recent large M&A transactions in the med tech space, we worry that Abbott shares could fall further and drag St. Jude shares down as well given the stock component of the transaction," analysts said.

In contrast to these concerns, Gabelli views the deal favorably as it makes "strategic sense...


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