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2 Reasons Why 1 Top Analyst Thinks AbbVie Could Soar Nearly 20%

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2 Reasons Why 1 Top Analyst Thinks AbbVie Could Soar Nearly 20%

Several Wall Street analysts expressed skepticism when AbbVie (NYSE: ABBV) announced its planned $63 billion acquisition of Allergan (NYSE: AGN) in June. This negativity contributed to an absolutely dismal performance for AbbVie so far in 2019, with its shares dropping more than 30% at one point.

But at least one analyst now thinks that AbbVie looks like a great pharma stock to buy. Citigroup's Andrew Baum recently upgraded AbbVie from a neutral rating to a buy rating and set a one-year price target that's nearly 20% above AbbVie's current share price. Baum had two primary reasons for his optimism about AbbVie's prospects.

Image source: Getty Images.

Source Fool.com

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