Market Overview

UPDATE: Morgan Stanley Initiates AbbVie at Equal-Weight; Heavy Reliance on Humira

Share:
Related ABBV
AbbVie Initiates Pivotal Phase 3 Study of Veliparib for Patients with Early-Stage Triple-Negative Breast Cancer
Enanta Pharmaceuticals Announces Additional Data from AbbVie's M13-393 Study to be Presented at Liver Meeting
The Vetr community has upgraded $ABBV to 3-Stars. (Vetr)

Morgan Stanley initiated coverage on AbbVie (NYSE: ABBV) with an Equal-weight rating and a $36 price target.

Morgan Stanley noted, "AbbVie (ABBV) biopharma separated from Abbott. We are EW given heavy reliance on Humira and 6% EV/EBITDA premium to global median, offset by attractive yield. Our $36 PT is based on 4.5% yield (assuming div is boosted 2.5% in Dec '13 to $1.64). … AbbVie generates the majority of its $18B in annual revenues from biologicals, including $9B from Humira, a self-injectable drug for arthritis and other autoimmune disorders. It has a highly experienced mgmt team with a strong track record. We project FCF of $5B+ to support $2.5B+ div and external deals to boost pipeline."

AbbVie closed at $35.12 on Wednesday.

Latest Ratings for ABBV

DateFirmActionFromTo
Jun 2015Piper JaffrayInitiates Coverage onOverweight
Jun 2015JefferiesMaintainsBuy
May 2015Morgan StanleyAssumesEqual-weight

View More Analyst Ratings for ABBV
View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Initiation Intraday Update Analyst Ratings

 

Related Articles (ABBV)

Around the Web, We're Loving...

Get Benzinga's Newsletters