Canaccord Genuity Group Forecasts Strong Price Appreciation for AbbVie (NYSE:ABBV) Stock

Key Points

• Canaccord Genuity Group raised its price target on AbbVie from $273 to $282 and kept a buy rating, implying about 10% upside from the prior close.
• Other analysts have also turned more bullish, with several firms lifting targets to as high as $300; the stock now carries a consensus Moderate Buy rating and an average target price of $268.10.
• AbbVie recently beat quarterly expectations, posting $2.65 EPS versus $2.59 expected and $15 billion in revenue, while revenue grew 12.4% year over year.

AbbVie (NYSE:ABBV - Get Free Report) had its price target raised by equities researchers at Canaccord Genuity Group from $273.00 to $282.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target indicates a potential upside of 10.08% from the company's previous close.

Other analysts also recently issued research reports about the stock. HSBC reissued a "buy" rating and set a $300.00 price target on shares of AbbVie in a research report on Monday, July 6th. Guggenheim upped their price target on shares of AbbVie from $249.00 to $261.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Cantor Fitzgerald increased their price objective on shares of AbbVie from $240.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Bank of America raised their price objective on shares of AbbVie from $234.00 to $276.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Finally, BMO Capital Markets increased their price target on shares of AbbVie from $258.00 to $300.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and an average target price of $268.10.

AbbVie Stock Performance

NYSE:ABBV opened at $256.18 on Wednesday. AbbVie has a one year low of $184.90 and a one year high of $261.64. The business's 50-day simple moving average is $231.78 and its 200 day simple moving average is $222.23. The stock has a market cap of $452.62 billion, a price-to-earnings ratio of 126.20, a price-to-earnings-growth ratio of 0.84 and a beta of 0.30.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating analysts' consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter last year, the firm earned $2.46 EPS. AbbVie's quarterly revenue was up 12.4% on a year-over-year basis. On average, equities research analysts predict that AbbVie will post 14.18 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Litman Gregory Wealth Management LLC bought a new position in AbbVie in the fourth quarter worth about $28,000. Westend Capital Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $29,000. Imprint Wealth LLC raised its position in shares of AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock worth $29,000 after purchasing an additional 45 shares during the period. Legacy Wealth Managment LLC ID lifted its holdings in shares of AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company's stock worth $31,000 after purchasing an additional 73 shares during the last quarter. Finally, IFC & Insurance Marketing Inc. bought a new stake in shares of AbbVie in the 4th quarter worth approximately $31,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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