Berenberg analyst Luisa Hector upgraded AbbVie (ABBV) to Buy from Hold with a price target of $270, up from $170. The firm says the company has “successfully navigated the largest drug patent expiry in the world.” Humira has been replaced by “superior products”, Skyrizi and Rinvoq, the analyst tells investors in a research note. Berenberg believes that with high single digit growth and strong cash flow, AbbVie shares warrant a premium valuation.
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