UPDATE: Bank of America Reiterates Buy Rating, Raises PT on AbbVie on Higher HCV Sales

In a report published Friday, Bank of America analyst Gregg Gilbert reiterated a Buy rating on

, and raised the price target from $56.00 to $58.00. In the report, Bank of America noted, “ABBV is unique among the US Major Pharma companies given its significant product concentration (50% of 2012 revenues were generated by a single product, Humira). Despite this, we are bullish on ABBV given its attractive valuation, above-average dividend yield, and the potential for the pipeline to deliver a blockbuster HCV franchise over the medium term. We conservatively include no real contribution from the rest of the pipeline despite the fact that we continue to model robust R&D spend.” AbbVie closed on Thursday at $51.86.