Jefferies Reiterates Buy on AbbVie (ABBV) After Meeting with Management

October 5, 2016 7:53 AM EDT
Get Alerts ABBV Hot Sheet
Price: $61.02 -0.86%

Rating Summary:
    12 Buy, 10 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
Trade ABBV Now!
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

Jefferies reiterated a Buy rating and $90.00 price target on Abbvie (NYSE: ABBV) after meeting with management. Management expects that the court date for litigation with Amgen should be announced before year end and to expect this to run for at least 3 to 3.5 years before any initial rulings are made. The company is also confident that the business can drive revenue and EPS growth above its peers going forward, driven by strong volume growth for Humira, new product launches and margin expansion.

Analyst Jeffrey Holford commented, "We met with the CEO, CFO and CSO of AbbVie yesterday. Our take is that the next 12 months should see significant visibility emerge on the timeline for Humira biosimilars with the earliest potential US launches being post-2020. Meanwhile the largely de-risked late-stage pipeline continues to gather momentum, giving us increasing confidence that the business can grow through and beyond the eventual introduction of Humira biosimilars."

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 $63.00 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments

Related Entities

Jefferies & Co

Add Your Comment