Are AbbVie (NYSE:ABBV) Shares Reaching An Inflection Point; Barclays Decides to Downgrades Company


AbbVie (NYSE:ABBV) Receives a Downgrade

AbbVie (NYSE:ABBV) was just cut by research analysts at Barclays from a “Overweight” to a “Equal Weight” in an interesting research report issued on Tuesday, 1 December. The firm currently has a $72.0 target price on shares. Barclays’s target price indicates a possible upside of 23.82% for the stock.

From a total of 14 analysts covering Abbvie Inc (NYSE:ABBV) stock, 13 rate it a ”Buy”, 0 a “Sell”, and 3 a ”Hold”. This means that 81% of the ratings are positive. The highest target price is $85 while the lowest target price is $56. The mean of all analyst targets is $75.21 with a 31.38% above today’s ($58.61) stock price. Abbvie Inc was the topic of 10 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Barclays Capital downgraded shares on December 1 to “Equal-Weight” rating. SunTrust initiated shares with “Buy” rating and $85 target share price in a report from a July 22. UBS maintained ABBV stock in a recent report from October 23 with “Buy” rating. Finally, TheStreet upgraded the stock to “Buy” rating in a report issued on an August 11.

Approximately 6.23M shares of stock traded hands. AbbVie Inc (NYSE:ABBV) has declined 12.54% since April 28, 2015 and is downtrending. It has underperformed by 10.92% the S&P500.

AbbVie Inc. is a global, research biopharmaceutical company. The company has a market cap of $98.86 billion. The Firm develops and markets therapies that address a range of diseases. It has 34.3 P/E ratio. The Company’s products are focused on treating conditions, such as chronic autoimmune diseases, including rheumatoid arthritis, psoriasis and Crohn’s disease; hepatitis C (HCV); human immunodeficiency virus (HIV); endometriosis; thyroid disease; Parkinson’s disease; complications associated with chronic kidney disease and cystic fibrosis, and other health conditions, such as low testosterone.

According to Zacks Investment Research, “AbbVie is a global, research-based biopharmaceutical company. AbbVie combines the focus and passion of a leading-edge biotech with the expertise and structure of a long-established pharmaceutical leader. The company’s mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world’s most complex and serious diseases. AbbVie aims to help patients’ live healthier lives and collaborate on sustainable healthcare solutions.” Get a free copy of the Zacks research report on AbbVie Inc (ABBV)