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Here's Why AbbVie (ABBV) Stock is Advancing Today

NEW YORK (TheStreet) -- AbbVie (ABBV - Get Report) shares are soaring 5.21% to $62.65 on Monday after the bio-pharmaceutical company had its rating and price target boosted at Morgan Stanley.

The firm upgraded the company to "overweight" from "equal weight" and raised its price target to $73 from $62.

"Management's robust defense of the broad Humira patent estate, including putting a stake in the ground for the strength of 2020 patents, combined with our own patent consultant's views, give us conviction to raise our projections," analysts said.

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On top of this bullish outlook, the firm noted that AbbVie is the cheapest large-cap pharma with superior long-term prospects.

However, one risk is Humira durability concerns, analysts added.

Based in North Chicago, IL, AbbVie discovers, develops, manufactures, and sells pharmaceutical products worldwide.

Separately, TheStreet Ratings team rates ABBVIE INC as a Hold with a ratings...