UPDATE: J.P. Morgan Initiates Coverage on AbbVie with Neutral Rating, $38 PT
In a report published Wednesday, J.P. Morgan & Co. initiated coverage on AbbVie (NYSE: ABBV) with a Neutral rating and $38.00 price target.
J.P. Morgan noted, “We are initiating coverage of ABBV shares with a Neutral rating and $38 YE'13 price target. We see AbbVie as essentially a Humira story until the company is able to further diversify its business. While Humira is a well-positioned franchise and we are above the Street with our estimates over the next several years, we do not see ABBV shares getting credit for these results given the longer-term competitive threats facing the product. Rather, we believe portfolio diversification will be a key driver of multiple expansion and outperformance for the stock, and this remains several years away, in our view.”
AbbVie closed on Monday at $34.16.
Latest Ratings for ABBV
|Jul 2015||Deutsche Bank||Maintains||Buy|
|Jul 2015||SunTrust Robinson Humphrey||Initiates Coverage on||Buy|
|Jun 2015||Piper Jaffray||Initiates Coverage on||Overweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.