Deutsche Bank Initiates Coverage On AbbVie

On Friday, Deutsche Bank analysts initiated coverage on shares of AbbVie Inc (NYSE: ABBV) with a Buy rating and $80 price target.

Robyn Karnauskas outlined reasons for the Buy rating:

1. 2015 HCV estimates are too low.
2. HCV revenues will offset lost sales.
3. AbbVie’s HCV pipeline is undervalued.
4. The Street is underestimating margin expansion, earnings power and cash generation.
5. The company trades at a discount to its peers despite higher EPS CAGR.

Shares of AbbVie recently traded at $63.47, down 0.25 percent.