High-Growth Dividend Stock With Tailwinds, Does It Have Tailwinds
I’m not going to lie. I like AbbVie (NYSE:ABBV). I like this
stock very much. This is not the first time I have written about AbbVie it and
I am sure it won’t be the last. For those who don’t know, AbbVie is a
bio-pharma stock spun off of parent Abbot Laboratories (NYSE:ABT) about seven
years ago. Abbott Laboratories is a best-in-breed play in the health care space
and a prince of dividend payers, its offspring AbbVie is the same. If you’ve
been waiting to buy this stock, for whatever reason, today is probably the day
you should start pulling the trigger.
Today’s news includes an upgrade for AbbVie from Atlantic
Equities, not the first this month. Over the past three weeks, AbbVie has
received 3 upgrades, 2 increased price targets, 1 bullish reiteration, and 1
new analyst initiated at BUY.
Atlantic Equities raised the rating from neutral to
overweight, a two-notch upgrade I might add, citing factors like increased
earnings and revenue visibility following the merger with Allergan. Earnings
visibility will help with the stocks valuation, I'll get to that later. The
$115 price target is not the highest on Wall Street but not far from it and
above consensus. At today’s share prices, the consensus target represents a
gain near 7.5% while the $115 target is closer to 20%.
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