UPDATE: Citi Upgrades Abbvie (ABBV) to Buy

(updated to add analyst comment)

Citi analyst Andrew Baum upgraded Abbvie (NYSE: ABBV) from Neutral to Buy with a price target of $90.00 (from $87.00).

The analyst comments "We reiterate our initial positive view that AbbVie will extract significant shareholder value from Allergan’s franchises given its strong commercial focus and patient/physician centricity. Within AbbVie's organic portfolio, we continue to believe the market under appreciates the revenue potential of both Skyrizi and Rinvoq. We anticipated optimal PBM given the sizeable Humira rebate and AbbVie's undeniable managed market excellence. We prefer Buy-rated MRK and ABBV in the US."

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 $72.09 yesterday.

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