AbbVie should be bought on recent selloff, says JPMorgan

JPMorgan recommends using the recent weakness in shares of AbbVie (ABBV) as a buying opportunity. Current share levels offer an “increasingly attractive story” into AbbVie’s Q1 report, the analyst tells investors in a research note. Investor sentiment has “become decidedly more negative” due to competitive dynamics with Johnson & Johnson (JNJ), but Skyrizi and Rinvoq continue to show healthy growth, the analyst tells investors in a research note. JPMorgan sees upside to consensus estimates and AbbVie’s guidance. The firm has an Overweight rating on the shares with a $260 price target