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
|Dec 2014||Morgan Stanley||Downgrades||Overweight||Equal-weight|
|Nov 2014||Deutsche Bank||Initiates Coverage on||Outperform|
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