Abbott Laboratories' shares are inexpensive, particularly given the strong outlook the company has on earnings this year, Barron's business newspaper said on Sunday.

Shares in the company, which sells medical devices, drugs and nutritional products, trade at about 13 times forward earnings, according to the newspaper. While rival drugmakers are less expensive, Abbott's earnings are growing much faster, Barron's added in its February 22 edition.

Glenn Novarro, an analyst with RBC Capital Markets, believes Abbott's share price could increase 24 percent in the next 12 months, according to Barron's.

Abbott shares closed at $54.38 on Friday, down 1.07 percent. The company said last month it expects to post earnings between $4.20 and $4.25 a share this year.

The company reported stronger-than-expected fourth-quarter results, but some investors have been spooked by weak U.S. sales of its Humira arthritis drug.