UPDATE: UBS Upgrades AbbVie

UBS analyst Marc Goodman upgraded AbbVie ABBV from Neutral to Buy and raised the price target to $67 based on several key factors.

Goodman noted that one attractive item is the potential Shire deal, which would diversify AbbVie’s portfolio into the rare disease sector. Even if the Shire deal does not go through, there is little projected downside because “the stock trades at a level about in line with before the Shire deal announcement.”

Related Link: Benzinga's Top Upgrades

Another attractive aspect is that the earning expectations for the next few years is too low based on the current Humira trend, the Shire deal and the HCV franchise. Goodman said they are again raising the HCV projected sales due to a growing market.

Goodman points out that the HCV pipeline could be a source of upside because of its low expectations and minimal attention received.

AbbVie recently traded at $53.46, up 0.53 percent.