Piper ‘not ready to jump back in just yet’ to AbbVie shares

Piper Jaffray analyst Christopher Raymond reiterates a Neutral rating on AbbVie shares with a $90 price target following this mornings “rare” Q4 miss. The analyst says Humira missed his below-consensus estimate, driven primarily by biosimilar pressure in Europe. In a research note titled “Humira’s Issues Come Home to Roost; Not Ready to Jump Back in Just Yet,” Raymond lowered his Humira estimates for fiscal 2019 and beyond and said he continues to prefer the sidelines with respect to the stock. However, with a dividend yield now above 5% and a “number of key drug launches on tap this year, the analyst thinks AbbVie shares are “starting to look interesting.”
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