One Reason AbbVie (ABBV) Stock Is Climbing

NEW YORK (TheStreet) -- Shares of AbbVie Inc  (ABBV) were climbing, higher by 0.64% to $67.81 in midday trading Monday, after analysts at Jefferies reinstated the company as its top pick in global pharma this morning.

The firm added AbbVie to its "Franchise Pick List" and increased its price target to $90 from $86, while maintaining a "buy" rating.

Jefferies raised estimates after looking into the Humira patent estate.

The firm believes Humira biosimilars will hit the market no earlier than mid-2019 domestically.

North Chicago, Ill.-based AbbVie is a global research-based pharmaceutical company. The company's products are used to treat chronic autoimmune diseases.

Its portfolio of products includes HUMIRA, Synthroid, AndroGel, Creon, Kaletra, Norvir, Lupron, Niaspan, TriCor, TRILIPIX, Synagis, Duodopa, Duopa, Zemplar and Sevofluran.

Insight from TheStreet's Research Team:

Robert Lang commented on AbbVie in a recent post on RealMoneyPro.com. Here is what Lang had to say about the stock:

I look for stocks that exhibit great Relative Strength vs. the market. This tells me that after a market drop we'll see money starting to flow towards the best and strongest names. As the market has been undergoing some rolling corrections and selling under the surface, there are names that have been working.

Since spinning off from Abbott Laboratories (ABT) in late 2012, AbbVie (ABBV) has more than doubled. For a big pharma name, that is quite impressive. If it breaks resistance here at $67 there is some big time upside left.

The chart looks constructive here and shows clear resistance from prior highs. The stock just cannot seem to lift past the $67 level. The lid has been in effect on four occasions now, but notice in April the big resistance at $61, then the stock bolted higher. Volume of late has been solid, and after Tuesday's market drubbing we saw this name up all day long, in opposition to the market.

The %R has been bullish as well and provided a nice chance to get long in early May -- but it was brief. Overbought does not mean it's time to sell.

- Bob Lang, 'AbbVie Is Knocking on the Door Again' originally published 5/28/2015 on RealMoneyPro.com.

Want more information like this from Bob Lang BEFORE your stock moves? Learn more about RealMoney.com now.

Separately, TheStreet Ratings team rates ABBVIE INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate ABBVIE INC (ABBV) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and good cash flow from operations. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."

You can view the full analysis from the report here: ABBV Ratings Report

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