Zacks Investment Research upgraded shares of AbbVie Inc. (ABBV) from NEUTRAL to OUTPERFORM on January 02, 2015, with a target price of $79.00.
AbbVie's third quarter EPS of $0.89, up 8.5% y-o-y,, surpassed the Zacks Consensus Estimate of $0.78. Revenues grew 7.8% to $5.019 billion, above the Zacks Consensus Estimate of $4.828 billion. AbbVie, which terminated its merger deal with Shire, guided above expectations in addition to reporting strong third quarter results. With AbbVie clearing major loss of exclusivity events, key brands like Humira continuing with their strong performance and the mid-and late-stage pipeline progressing, the company looks well-positioned for growth. The approval of Viekira Pak and pharmacy benefit manager, Express Scripts' support are a major boost for the company. We are upgrading the stock to Outperform.
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