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Fly News Breaks for November 20, 2019
AGN, ABBV
Nov 20, 2019 | 06:48 EDT
Citi analyst Andrew Baum raised his price target for AbbVie (ABBV) to $98 from $90 and keeps a Buy rating on the shares. The analyst believes AbbVie will trade near-term above its $92 intrinsic value as Skyrizi and Rinvoq forecasts are revised upwards. In the near-term, the market will likely choose to focus on ongoing Skyrizi upgrades and Allergan (AGN) synergies and disregard mid and long-term risks to chronic lymphocytic leukemia estimates, Baum tells investors in a research note. The analyst's "bull-case valuation" is $119 per share.
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