UPDATE: Jefferies Initiates AbbVie at Buy on Growth Outlook, High Yield

Jefferies initiated coverage on AbbVie

with a Buy rating and a $44.00 price target. Jefferies commented, "AbbVie is our top pick for 2013. We see the initial trading volatility post-spin as an opportune entry point into the shares as we soon expect income funds to work the dividend yield down to at least the 4.0% level. A more durable long-term performance from Humira, stronger pipeline delivery and operating margin expansion drive our cash EPS estimates up to 22% ahead of consensus." AbbVie closed at $34.09 on Tuesday.