Sep. 11 at 3:32 PM
Investment bank Wells Fargo set a 12-month price target for pharmaceutical company AbbVie of
$300 on Thursday, giving the Chicago-based company an overweight rating, which is equivalent to a buy.
Analyst Mohit Bansal said the AbbVie has solid patent protection for its core business units and that he is expecting updates on the firm’s work in oncology and neuroscience.
“We rate ABBV Overweight, as we think that the stock is reasonably priced for strong growth into the next decade, coupled with long-term patent protection for key businesses. We expect mid-stage pipeline to come to limelight in next 12 months, which should help with multiple expansion,”
$WFC