AbbVie Shares Rise After Upgrade From Citigroup
September 26 2019 - 12:19PM
Dow Jones News
By Colin Kellaher
Shares of AbbVie Inc. (ABBV) rose more than 2% on Thursday amid
an upgrade and positive comments from analysts at Citigroup.
Citi upgrade AbbVie to "buy" from "neutral" and raised its price
target to $90 from $87 amid a positive view of the
biopharmaceutical company's pending $63 billion takeover of
Allergan Inc. (AGN).
The analysts said they expect AbbVie will extract significant
shareholder value from Allergan's franchises, adding that the deal
dilutes AbbVie's exposure to loss of U.S. patent exclusivity for
its blockbuster Humira, the world's biggest-selling drug.
Citi also said the market underappreciates the revenue potential
of AbbVie's Skyrizi and Rinvoq.
Shares of AbbVie were recently up 2.2% to $73.67.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 26, 2019 12:04 ET (16:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
AbbVie (NYSE:ABBV)
Historical Stock Chart
From Feb 2024 to Mar 2024
AbbVie (NYSE:ABBV)
Historical Stock Chart
From Mar 2023 to Mar 2024