UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on AbbVie on Raised Estimates

In a report published Tuesday, Goldman Sachs analyst Jami Rubin reiterated a Buy rating on AbbVie ABBV, and raised the price target from $42.00 to $45.00. In the report, Rubin noted, “We raise our estimates and 12-month price target to $45 on (1) stronger-than-expected Humira scripts during 1Q, (2) a dissipating biosimilar threat and (3) increased visibility on pipeline assets. While our original ABBV Buy call was based on a dislocation of shares (inexpensive P/E multiple stock) and a high dividend, we now view our estimates as conservative and see upside EPS pressure throughout the year. Based on IMS data, Humira scripts grew 12% yoy in the US in 1Q13 (vs. 11% in 4Q12). Additionally, there were two 7% price increases since this time last year, suggesting upper teens/low twenties US growth. Continued strong script trends from Humira could lead to upward earnings revisions throughout the year and next.” AbbVie closed on Monday at $41.77.