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Jefferies Updates Price Targets In Global Pharma, Sees 'Rich Catalyst Environment' Ahead

ABBV, Abbott Laboratories NYSE:ABT - Jefferies Updates Price Targets In Global Pharma, Sees 'Rich Catalyst Environment' Ahead

There are a number of catalysts on the horizon for global pharma stocks, but Jefferies has dialed back expectations for a number of stocks in the space. In a new report, analyst Jeffrey Holford has updated the firm’s outlook and price targets for the biggest names in the pharma space.

Despite lowering a number of price targets, Jefferies is excited about the potential for top pick AbbVie Inc ABBV 0.89%.

“We expect that the PTAB decision whether or not to institute IPR on the CHRS challenge to ABBV’s ‘135 RA closing patent will be one of the most significant catalysts in the near future,” Holford explained.

Jefferies predicts roughly a $9/share gain for AbbVie’s stock in the case of denial and a $3/share decline in the case of institution.

Jefferies maintains a Buy rating and $90 price target for AbbVie.

It's Not All About AbbVie

In addition, the firm has reduced price targets for the following U.S.-listed stocks:

Jefferies also upped price targets for these names:

Finally, Holford sees the pharma M&A environment “heating up” and believes that a number of the big players are likely interested in Medivation Inc MDVN 0.13%.

Disclosure: The author holds no position in the stocks mentioned.

DateFirmActionFromTo
Apr 2016Societe GeneraleInitiates Coverage onSell
Mar 2016Deutsche BankInitiates Coverage onHold
Mar 2016Goldman SachsDowngradesConviction BuyBuy

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