UBS Starts Abbvie (ABBV) at Neutral

Earlier, UBS initiated coverage on Abbvie (NYSE: ABBV) with a Neutral rating and $36 price target.

The firm comments, "Our thesis is three-fold: (1) Humira should be durable but competition from oral therapies and generics for now will remain a concern for investors. (2) Earnings in 2013/2014 will be held down by ~$2.5-3B sales hit from its lipid and HIV franchises going generic. (3) The late stage pipeline doesn’t kick in until 2015-16 and it’s still unclear how big its most important asset, the HCV franchise, will be given how quickly market dynamics are changing."

EPS estimates are $3.08 for 2013 and $3.20 for 2014. 5 year CAGRs are 1% for revenues and 2% for EPS.

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 $34.00 yesterday.

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