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

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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
Jul 2015Deutsche BankMaintainsBuy
Jul 2015SunTrust Robinson HumphreyInitiates Coverage onBuy
Jun 2015Piper JaffrayInitiates Coverage onOverweight

View More Analyst Ratings for ABBV
View the Latest Analyst Ratings

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

 

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