Equities research analysts at JPMorgan Chase started coverage on shares of AbbVie (NASDAQ: ABBV)
The analysts wrote, ?We are initiating coverage of ABBV shares with a Neutral rating and $38 YE?13 price target. We see AbbVie as essentially a Humira story until the company is able to further diversify its business. While Humira is a well-positioned franchise and we are above the Street with our estimates over the next several years, we do not see ABBV shares getting credit for these results given the longer-term competitive threats facing the product. Rather, we believe portfolio diversification will be a key driver of multiple expansion and outperformance for the stock, and this remains several years away, in our view.? A number of other analysts have also recently weighed in on ABBV. Analysts at Barclays Capital initiated coverage on shares of AbbVie in a research note to investors on Friday. They set an ?equal weight? rating and a $37.00 price target on the stock. Separately, analysts at Bank of America initiated coverage on shares of AbbVie in a research note to investors on Friday. They set a ?buy? rating and a $40.00 price target on the stock. Finally, analysts at Morgan Stanley initiated coverage on shares of AbbVie in a research note to investors on Thursday. They set an ?equal weight? rating and a $36.00 price target on the stock. AbbVie traded down 1.26% on Wednesday, hitting $34.3908. AbbVie has a 52-week low of $34.10 and a 52-week high of $35.40. The stock?s 50-day moving average is currently $34.9.
The company also recently declared a quarterly dividend, which is scheduled for Friday, February 15th. Investors of record on Tuesday, January 15th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.59%.