Market Overview

UPDATE: Bank of America Merrill Lynch Initiates Coverage on AbbVie with Buy Rating, $40 PT

Related ABBV
Fast Money Halftime Report Final Trade From November 24
Stocks Hitting 52-Week Highs
Making Money With Charles Payne: 10/20/14 (Fox Business)

In a report published Friday, Bank of America Merrill Lynch initiated coverage on AbbVie (NYSE: ABBV) with a Buy rating and $40.00 price target.

BofA Merrill Lynch noted, “ABBV is unique among the US Major Pharma companies given its significant product concentration (45% of 2011 revenues were generated by a single product), Humira. Despite this, we are bullish on ABBV given its attractive valuation, above-average dividend yield, and the potential for the pipeline to deliver a blockbuster HCV franchise over the medium term. We conservatively include no real contribution from the rest of the pipeline despite the fact that we continue to model robust R&D spend.””

AbbVie closed on Thursday at $34.83.

Latest Ratings for ABBV

DateFirmActionFromTo
Nov 2014Deutsche BankInitiates Coverage onOutperform
Nov 2014JefferiesMaintainsBuy
Nov 2014JP MorganMaintainsOverweight

View More Analyst Ratings for ABBV
View the Latest Analyst Ratings

Posted-In: Bank of America Merrill LynchAnalyst Color Initiation Analyst Ratings

 

Related Articles (ABBV)

Around the Web, We're Loving...

Get Benzinga's Newsletters