Zacks Investment Research downgraded shares of AbbVie Inc. (ABBV) from OUTPERFORM to NEUTRAL on February 10, 2015, with a target price of $58.00.
AbbVie's fourth quarter 2014 EPS of $0.89, up 8.5% y-o-y, surpassed the Zacks Consensus Estimate of $0.85. Revenues increased 5.1% to $5.371 billion, in-line with the Zacks Consensus Estimate. Results were boosted by Humira's strong performance. With the company clearing major loss of exclusivity events, key brands like Humira continuing with their strong performance and the mid-and late-stage pipeline progressing, AbbVie looks well-positioned for growth. The approval of Viekira, and pharmacy benefit manager, Express Scripts' support are a major boost for the company. However, considering the pricing pressure and intense competition in the HCV market, we are moving back to a Neutral recommendation. We expect investor focus to remain on Viekira's performance.
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