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UPDATE: J.P. Morgan Initiates Coverage on AbbVie with Neutral Rating, $38 PT

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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

DateFirmActionFromTo
Jun 2016BMO CapitalDowngradesOutperformMarket Perform
Jun 2016Morgan StanleyDowngradesOverweightEqual-weight
Jun 2016Cowen & CompanyDowngradesOutperformMarket Perform

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Posted-In: J.P. Morgan & Co.Analyst Color Initiation Analyst Ratings

 

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