HSBC Thinks AbbVie Can Climb to $315. Here's the Bull Case in Plain English.
A recent analyst lays out a concrete bull case, but it is not the only path to higher prices for AbbVie.
Overview
On Sept. 10, HSBC analyst Rajesh Kumar maintained his "buy" rating on AbbVie (NYSE: ABBV), raising his price target on the pharmaceutical company's shares from $300 to $315 per share. Recently, other sell-side firms, such as Wolfe Research, have raised their price targets above $300 per share.
However, with AbbVie changing hands for around $262 per share, this price target nonetheless appears aggressive compared to other major pharmaceutical stocks. Even so, the rationale for it remains reasonable. It all has to do with two of the company's latest successful drug products: Skyrizi and Rinvoq.
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Originally published at www.fool.com.