Why AbbVie Stock Trounced the Market Today
The positive, post-earnings momentum lifting AbbVie's (NYSE: ABBV) stock price continued on Monday. The veteran healthcare company's shares booked a gain of more than 3% during the trading session. The key reason was a pair of bullish analyst notes on its business. That rise meant the stock easily beat the S&P 500 index, which could only manage a less than 0.1% gain. Of the two notes, arguably the more impactful was the one BMO Capital's Evan David Seigerman published before market open. The analyst continues to be positive on AbbVie, as he maintained his outperform (buy, in other words) recommendation on the stock and $215 per-share price target. Not surprisingly, according to reports, Seigerman focused on AbbVie's first-quarter earnings release that was published on Friday. The analyst said that management was continuing to execute well, particularly in relation to important high revenue-generating products Skyrizi and Rinvoq. He pointed out that the unexpectedly high sales of the pair of drugs offset the anticipated declines of Humira. Continue reading
The positive, post-earnings momentum lifting AbbVie's (NYSE: ABBV) stock price continued on Monday. The veteran healthcare company's shares booked a gain of more than 3% during the trading session. The key reason was a pair of bullish analyst notes on its business. That rise meant the stock easily beat the S&P 500 index, which could only manage a less than 0.1% gain.
Of the two notes, arguably the more impactful was the one BMO Capital's Evan David Seigerman published before market open. The analyst continues to be positive on AbbVie, as he maintained his outperform (buy, in other words) recommendation on the stock and $215 per-share price target.
Not surprisingly, according to reports, Seigerman focused on AbbVie's first-quarter earnings release that was published on Friday. The analyst said that management was continuing to execute well, particularly in relation to important high revenue-generating products Skyrizi and Rinvoq. He pointed out that the unexpectedly high sales of the pair of drugs offset the anticipated declines of Humira.
