AbbVie Stock Rises on Upgrade to Buy from Hold by SocGen

AbbVie  (ABBV) – Get AbbVie, Inc. Report shares rose Tuesday, after Societe Generale upgraded it to buy from hold and raised its price target to $172 from $111.

“We see management executing better than we anticipated on two franchises crucial to its long-term prospects: immuno-inflammation and aesthetics (which includes half of total Botox sales),” SocGen analyst Justin Smith wrote in a commentary cited by CNBC.

“Due to its improved long-term replacement power, AbbVie is thus now replacing Bristol Myers Squibb  (BMY) – Get Bristol-Myers Squibb Company Report as our preferred value call in global large -cap pharma.”

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