Canaccord Raises AbbVie Price Target to $273 After Apogee Deal
Canaccord raised its price target on AbbVie (ABBV) to $273 from $265, reiterating a Buy rating, following AbbVie's announced acquisition of Apogee Therapeutics. The analyst believes the deal strengthens long-term growth prospects.
Key Numbers
Canaccord Genuity raised its price target on AbbVie Inc. (NYSE:ABBV) to $273 from $265, reiterating a Buy rating, after AbbVie announced the acquisition of Apogee Therapeutics (APGE).
Rating Change
- New Price Target: $273
- Previous Price Target: $265
- Rating: Buy
Analyst Rationale
The Canaccord analyst believes the Apogee acquisition enhances AbbVie's long-term growth outlook, particularly in the respiratory disease space. Apogee is a biotech focused on developing treatments for respiratory conditions, which complements AbbVie's existing portfolio.
Context
The upgrade comes after AbbVie announced on June 23 that it had agreed to acquire Apogee. Financial terms of the deal were not disclosed. AbbVie is included among the Top 10 Blue Chip Stocks with Growing Dividends.
Takeaway
Analysts appear to view the Apogee deal positively, expecting it to diversify AbbVie's revenue streams and boost growth in the respiratory therapy market. Investors should monitor the deal's details and its impact on AbbVie's financials.
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