Deutsche Bank Starts Abbvie (ABBV) at Hold

Deutsche Bank initiated coverage on Abbvie (NYSE: ABBV) with a Hold rating and a price target of $63.00. Analyst Gregg Gilbert noted product concentration risk.

"Despite a relatively inexpensive valuation, an attractive dividend yield, and a strong medium-term growth outlook, we believe it may be tough for the stock to meaningfully outperform in light of significant product concentration risk; Humira represents >60% of revenues and has an uncertain duration of exclusivity. Our Hold rating has a positive bias as we believe Humira is not going away anytime soon, and we like what management is doing to diversify the business with pipeline and deal-making while remaining committed to returning cash to shareholders," said Gilbert.

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 $57.21 yesterday.

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