Evan Seigerman, an analyst from BMO Capital, assigned the Buy rating on AbbVie (ABBV – Research Report). The associated price target was lowered to $180.00.
Evan Seigerman has given his Buy rating due to a combination of factors highlighting AbbVie’s robust performance and promising outlook. The company surpassed expectations on both revenue and earnings per share, demonstrating a resilient top-line growth. This positive momentum is attributed to the strong performance of key products in oncology and neurology segments, which saw significant year-over-year increases. Moreover, the firm’s ability to navigate the decline in Humira revenue with rising sales from Skyrizi and other growth products underlines a successful transition strategy that is crucial as biosimilar competition intensifies.
The optimism in Seigerman’s rating is further reinforced by AbbVie’s effective commercial execution, which has remained unscathed despite changes in the competitive landscape, such as the recent CVS formulary adjustments. The company’s well-executed growth strategy, which includes the diversification of its portfolio through the Allergan acquisition and advancing pipeline developments, positions AbbVie favorably for future growth. Additionally, the raised guidance for the fiscal year indicates management’s confidence in AbbVie’s ability to manage through Humira’s U.S. patent loss while maintaining strong performance across its other product lines.
In another report released today, Barclays also maintained a Buy rating on the stock with a $187.00 price target.
Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is neutral on the stock.
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AbbVie (ABBV) Company Description:
AbbVie, Inc. is a biopharmaceutical company focused on key therapeutic areas like immunology, oncology, neuroscience, eye care, virology, women’s health and gastroenterology. The company was founded on October 19, 2011 and is headquartered in North Chicago, IL.
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