Information Provided By:
Fly News Breaks for August 20, 2019
ABBV, AGN
Aug 20, 2019 | 06:10 EDT
Piper Jaffray analyst Christopher Raymond upgraded AbbVie (ABBV) to Overweight with a price target of $80, saying that while he remains negative on the company's decision to acquire Allergan (AGN), he believes that a bottom on the stock has been found around $66. The analyst adds that he also has concerns about tthe "various pressure points" on AbbVie's Humira business, but he also sees "great opportunity" for the company to leverage its successful launches of Skyrizi and Rinvoq, along with anticipating a "rather durable" Botox cosmetic franchise going forward.