William Blair Remains Bullish on AbbVie (ABBV) Following 2Q Beat
William Blair reiterated an Outperform rating and $127.00 price target on Abbvie (NYSE: ABBV) following the company's 2Q earnings report. Revenues for the quarter were $8.3 billion, beating consensus of $8.2 billion. Non-GAAP EPS were $2.00, above consensus of $1.97.
Management issued updated guidance for 2018 non-GAAP EPS of $7.76 to $7.86 from $7.66 to $7.76. William Blair's new non-GAAP EPS estimate for 2018 is $7.85, up from $7.80. They have also slightly lowered 2019 EPS estimate to $8.31 from $8.36, due to slightly lowering U.S. price increases for Humira to match inflation.
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Shares of Abbvie closed at $90.50 yesterday.