Abbvie (ABBV) PT Raised to $98 at Cowen

Cowen analyst Steve Scala raised the price target on Abbvie (NYSE: ABBV) to $98.00 (from $90.00) while maintaining a Outperform rating.

The analyst comments "On Monday, FDA approved Allergan's Ubrelvy, a small molecule CGRP antagonist, for acute treatment of migraine. ABBV views AGN's CGRPs as having meaningful potential. Separately, we took another look at our ABBV model and raised the ABBV price target to $98, based on 9.5x 2020E EPS of $10.35, still representing a low multiple vs pharma overall. ABBV intends to maintain/grow dividend over time."

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