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UPDATE: BMO Capital Markets Initiates AbbVie at Outperform on Yield, Humira Support

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BMO Capital Markets initiated coverage on AbbVie (NYSE: ABBV) with an Outperform rating and a $39 price target.

BMO Capital Markets commented, "We would be opportunistic buyers of ABBV in the low- to mid-$30s range. We believe the dividend yield (4.6%-5.3%) should support the stock at these levels. In short, Humira should give AbbVie plenty of time and cash to 1) develop its economically attractive specialty focused pipeline (e.g., Hep-C oral regimen expected in 2015), 2) return 50%-60% of its FCF to shareholders as dividends and share buybacks, and 3) explore longer-term strategic options.

AbbVie closed at $34.16 on Monday.

Posted-In: BMO Capital MarketsAnalyst Color Initiation Intraday Update Analyst Ratings

 

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