Goldman Sachs Reinstates Abbvie (ABBV) at Buy

Goldman Sachs reinstated coverage on Abbvie (NYSE: ABBV) with a Buy rating and a price target of $68.00.

Analyst Jami Rubin said, "We view ABBV as a strong independent standalone company with significant growth and cash flow potential. We estimate ABBV will generate >$50 bn in cumulative cash over 2015-20 (58% of mkt cap) with firepower (defined in this report) of up to $33 bn for potential M&A. While we still believe the Street underestimates the durability of Humira cash flows and pipeline potential, in light of the terminated Shire deal we expect management will be motivated to put that cash to work or someone else (such as a foreign buyer) could theoretically capture the tax inversion benefits."

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 $56.90 yesterday.

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