BMO Capital analyst Alex Arfaei upgraded AbbVie to Market Perform from Underperform and raised his price target for the shares to $79 from $71. The stock closed Friday up 29c to $79.70. The analyst says his bearish thesis has mostly materialized and that he’s now more bullish on Skyrizi and Upa. AbbVie can leverage its rebates to secure superior access in the U.S. and drive “strong” launches, Arfaei tells investors in a research note. He believes after a flat 2019, Skyrizi, Upa, Imbruvica/Venclexta and Orilissa should drive 4%-6% revenue growth during 2020-2022. This should improve sentiment on shares of AbbVie, says the analyst.
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