UPDATE: Societe Generale Upgrades Abbvie (ABBV) to Buy

November 23, 2021 3:58 AM EST
Get Alerts ABBV Hot Sheet
Price: $121.31 +2.07%

Rating Summary:
    23 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 13 | New: 74
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(Updated - November 23, 2021 7:41 AM EST)

Societe Generale analyst Justin Smith upgraded Abbvie (NYSE: ABBV) from Hold to Buy with a price target of $172.00.

The analyst commented, "We are upgrading Abbvie to Buy from Hold, as we see management executing better than we anticipated on two franchises crucial to its long-term prospects: immuno-inflammation and aesthetics (which includes half of total Botox sales). Due to its improved long-term replacement power, AbbVie is thus now replacing Bristol Myers Squibb as our preferred value call in global large cap pharma. Despite this year’s share price outperformance, we believe our call today is robust, since if AbbVie’s pipeline progress increases our conviction in its longterm group sales guidance, our target price could potentially rise to above $200."

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 $115.65 yesterday.

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