AbbVie Inc’s (NYSE: ABBV) shares have been upgraded to outperform from market perform by Leerink Partners, as the firm noted the recent sell-off in the stock had led to a buying opportunity for market players.
“We believe investors can take advantage of the emraclidine setback and election-related downdraft to purchase shares in this high-quality company,” Leerink wrote in a note to clients.
The firm kept its 12-month price target on the stock at $206 per share.
“We think the stock reflects low expectations for the company’s pipeline and for future external deals … which yields opportunity,” Leerink noted.
Stock Performance
The shares of AbbVie Inc (ABBV) closed 3.04% ($5.22) higher at $176.95 in New York on Friday. It has been the stock’s largest single-session gain since October 30th.
The company’s total market cap now stands at $312.695 billion.
The shares of AbbVie Inc (ABBV) went down 4.11% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 14.18% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 14 out of 20 surveyed investment analysts had rated AbbVie Inc’s stock as “Buy”, while 6 – as “Hold”. The median price target on the stock stands at $205.82, which translates into a 16.32% upside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $240.00.
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