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.