UPDATE: Morgan Stanley Upgrades AbbVie

In a note released Wednesday, Morgan Stanley analyst David Risinger upgraded

from Equal-weight to Overweight and raised the price target from $47 to $60. Risinger made it clear that the primary reason for this upgrade is AbbVie's hepatitis-C cure regimen which is set to launch in late 2014. With the launch of the hepatitis-C cure, Risinger expects AbbVie will be able to capture a larger portion of the available market (over 33 percent) in 2015. Based on this Risinger has significantly raised his EPS estimates for 2014 - 2016 to a level "well above consensus". For 2014 he increased his estimate four percent from $3.12 to $3.23 ($3.13 consensus) , 37 percent for 2015 from $3.60 to $4.82 ($3.72 consensus) and 30 percent for 2016 from $3.83 to $4.98 ($4.23 consensus).