JPMorgan Chase & Co. Issues Positive Forecast for AbbVie (NYSE:ABBV) Stock Price

Key Points

• JPMorgan Chase & Co. raised its price target on AbbVie from $260 to $280 and kept an overweight rating, implying about 10.68% upside from the current price.
• AbbVie has received broadly positive analyst coverage overall, with a Moderate Buy consensus rating and a consensus target price of $257.62.
• The company recently posted solid quarterly results, beating EPS and revenue estimates, while shares were down 0.7% in Thursday trading and opened at $252.98.

AbbVie (NYSE:ABBV - Get Free Report) had its price target upped by stock analysts at JPMorgan Chase & Co. from $260.00 to $280.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 10.68% from the company's current price.

ABBV has been the subject of several other reports. Piper Sandler reiterated an "overweight" rating and set a $298.00 price objective on shares of AbbVie in a research report on Tuesday, June 23rd. Sanford C. Bernstein restated a "market perform" rating on shares of AbbVie in a report on Tuesday, June 23rd. Morgan Stanley upped their price target on shares of AbbVie from $270.00 to $278.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Guggenheim reiterated a "buy" rating and set a $249.00 price target on shares of AbbVie in a report on Friday, May 1st. Finally, Cantor Fitzgerald increased their price target on AbbVie from $240.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday. Two 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 company. According to MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus target price of $257.62.

AbbVie Stock Down 0.7%

Shares of ABBV opened at $252.98 on Thursday. The business has a 50-day simple moving average of $223.50 and a two-hundred day simple moving average of $220.90. AbbVie has a 12-month low of $184.63 and a 12-month high of $261.64. The stock has a market cap of $446.96 billion, a PE ratio of 124.62, a PEG ratio of 0.84 and a beta of 0.30.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company's revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.46 earnings per share. On average, equities research analysts expect that AbbVie will post 14.19 EPS for the current year.

Institutional Trading of AbbVie

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABBV. Chelsea Counsel Co. bought a new stake in shares of AbbVie in the 3rd quarter worth $26,000. Litman Gregory Wealth Management LLC bought a new stake in AbbVie in the 4th quarter worth about $28,000. Westend Capital Management LLC bought a new stake in AbbVie in the 4th quarter worth about $29,000. Imprint Wealth LLC boosted its holdings in shares of AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock worth $29,000 after buying an additional 45 shares during the last quarter. Finally, Texas Capital Bancshares Inc TX bought a new position in AbbVie during the third quarter valued at about $31,000. 70.23% of the stock is owned by institutional investors.

About AbbVie

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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