UPDATE: Jefferies Raises PT to $45 on AbbVie on Pipeline Visibility

Jefferies reiterated its Buy rating on AbbVie

and raised the price target from $44.00 to $45.00. Jefferies commented, "Humira growth guidance of "low double digit %" once again seems conservative against the product's recent momentum. We continue to expect near term performance to be driven by income funds, with the multiple then expected to expand significantly over the next 6-12 months once the pipeline visibility increases. We reiterate AbbVie as our top Global Pharma pick." AbbVie closed at $36.69 on Friday.