Market Waking Up to Abbvie's (ABBV) Strong Pipeline - Jefferies
Analyst Jeffrey Holford, PhD notes, "The Q1'13 earnings call, recent commentator notes and the buy-side are all showing a sudden shift in sentiment on AbbVie, recognizing that it has a significant pipeline."
He continued, "Concerns on Humira's durability are also diminishing with biosimilar efforts faltering and Xeljanz failing to make an impact. The multiple could meaningfully expand now if R&D catalysts play out positively."
The firm raised FY 2013 EPS estimates from $3.11 to $3.12, while FY 2014 was trimmed from $3.21 to $3.20.
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Shares of Abbvie closed at $45.23 yesterday, with a 52 week range of $33.33-$46.31.