AbbVie upgraded to buy at Societe Generale; sees 48% upside
Societe Generale has upgraded $AbbVie(ABBV.US$ to buy from hold on what it views as better than expected execution of its immuno-inflammation and aesthetics businesses.
The firm also raised its priced target from $111 to $172 (~48% upside).
Analyst Justin Smith said that AbbVie has taken over from Bristol-Myers Squibb (BMY +1.4%) as his preferred value call in the global large cap pharma space.
Following AbbVie's Q3 earnings results, Smith has "full conviction" in the company's long-term guidance for the Allergan aesthetics franchise.
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Austin ONeill : Long ABBV
Wyatt lincoln : As much as I like ABBV, methinks someone is a wee bit optimistic on the price target.
Sacai Luis Wyatt lincoln: I’m of the same opinion, that number is astounding.
Rann New Sacai Luis: Current fwd. PE is 9.16!
sPhCqxPcWZ Rann New: Yeau but the stagnated growth (or perceived stagnated growth) is why it doesn't trade at like 12-20 FWD P/E.
tk0TEeeFdX Rann New: And it sb below normal as abbv will have 2 years of falling/stagnant growth due to Humira. Once past that, then pe multiple can expand as long as pipeline is productive.
Growth is great right now though and that sb a mitigating factor. Is a top 5 holding with 1,600 shares.
TpdPfbWje4 : GO ABBV!
4W7smhOHmW : BMY has better valuation and pipeline.
sbSeUJwoWL 4W7smhOHmW: Absolutely ridiculous. ABBV better company more innovative and better dividend growth
Leung A sbSeUJwoWL: I actually don‘t care. I own both … and AMGN. Couldn‘t be happier …