Market Waking Up to Abbvie's (ABBV) Strong Pipeline - Jefferies
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Price: $216.49 -2.14%
Rating Summary:
26 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 3 | New: 6
Rating Summary:
26 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 3 | New: 6
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Jefferies raised its price Abbvie (NYSE: ABBV) from $50 to $51 following Q1 results saying the market is finally waking up to the pipeline.
Analyst Jeffrey Holford, PhD notes, "The Q1'13 earnings call, recent commentator notes and the buy-side are all showing a sudden shift in sentiment on AbbVie, recognizing that it has a significant pipeline."
He continued, "Concerns on Humira's durability are also diminishing with biosimilar efforts faltering and Xeljanz failing to make an impact. The multiple could meaningfully expand now if R&D catalysts play out positively."
The firm raised FY 2013 EPS estimates from $3.11 to $3.12, while FY 2014 was trimmed from $3.21 to $3.20.
For an analyst ratings summary and ratings history on Abbvie click here. For more ratings news on Abbvie click here.
Shares of Abbvie closed at $45.23 yesterday.
Analyst Jeffrey Holford, PhD notes, "The Q1'13 earnings call, recent commentator notes and the buy-side are all showing a sudden shift in sentiment on AbbVie, recognizing that it has a significant pipeline."
He continued, "Concerns on Humira's durability are also diminishing with biosimilar efforts faltering and Xeljanz failing to make an impact. The multiple could meaningfully expand now if R&D catalysts play out positively."
The firm raised FY 2013 EPS estimates from $3.11 to $3.12, while FY 2014 was trimmed from $3.21 to $3.20.
For an analyst ratings summary and ratings history on Abbvie click here. For more ratings news on Abbvie click here.
Shares of Abbvie closed at $45.23 yesterday.
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