Abbott Laboratories (NYSE: ABT) has been upgraded to overweight from neutral by J.P. Morgan Chase and its year-end price target has been raised to $65 from $60. The analyst Michael Weinstein expects that ABT is expected to benefit from the U.S. launch of five products: the FreeStyle Libre glucose monitoring system, the Alinity family of next-generation core lab systems, the HeartMate 3 left ventricular assist system, the Confirm Rx implantable cardiac monitor, and the MRI-compatible implantable cardioverter-defibrillator and cardiac resynchronization therapy defibrillators.

Moreover, as per the analyst Michael Weinstein there is an upside for FreeStyle Libre. The product is the first continuous glucose monitoring system on the market, which do not require patients to prick their finger to draw blood. Therefore, this is an innovation, for which the company is aggressively pricing and marketing the product, to take advantage of its window as the only product of its kind. The competitor Dexcom expects to introduce its own sensor that wouldn’t require fingerpricks by the end of 2018. J P Morgan Chase expects FreeStyle Libre to do sales of almost $550 million in 2017, and is on target to generate more than than $1.5 billion by 2022. The analyst projects $68 million in sales in 2018, with upside up to about $100 million if ABT secures either commercial reimbursement, Medicare reimbursement, or labeling for kids earlier than expected. Overall, JPMorgan Chase expects ABT’s organic growth to reach 5.5 to 6 percent this year. Weinstein is projecting sales of $30.51 billion, which is above Street expectations of $30.12 billion.

Additionally, Morgan Stanley’s David Lewis has also upgraded the stock to overweight from equal weight and raised his price target to $67 from $60. Lewis’ price target implies about 17% upside from current levels. The new product launches is expected to drive organic growth for Abbott, as revenue and profit growth will growth.

Meanwhile, Abbott Laboratories has announced CE Mark for its Alinity h-series integrated system for hematology testing. The company has joined the Alinity hq standalone hematology analyzer, which obtained CE Mark earlier this year. As per the executive vice president, Diagnostics Products, Abbott, the hematology laboratories are challenged to perform more tests while reducing errors and operating costs. The Alinity h-series is smaller, faster, and more automated than current systems, designed specifically for hematology testing, incorporating advanced features that allow healthcare professionals to spend less time managing the process of producing results and more time helping patients.

Abbott Laboratories stock has risen 53.06% in a year (source: Google Finance).