Market Waking Up to Abbvie's (ABBV) Strong Pipeline - Jefferies

April 30, 2013 11:37 AM EDT Send to a Friend
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Price: $60.29 +1.29%

Rating Summary:
    13 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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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.


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