BMO Lifts AbbVie Inc. (ABBV) Price Target to $240 After Rinvoq Litigation Win

AbbVie Inc. (NYSE:ABBV) is among the high growth mega cap stocks you can buy and hold for the next 3 years. Evan Seigerman, an analyst at BMO Capital, increased the price target on AbbVie Inc. (NYSE:ABBV) to $240 from $215 with an ‘Outperform’ rating. This potential upside of nearly 10% follows the company’s announcement that it has resolved litigation with generic drugmakers, allowing for the early market entry of generic Rinvoq.

Many believe that generic competition market entry won’t occur until 2037, four years after the 2033 expiration of the composition of matter patent. This will not only aid AbbVie Inc. (NYSE:ABBV) in surpassing expectations but also make it a top biotech pick. Even today, if we consider the year-to-date return delivered by the company, it outperforms the market by a healthy 14.31%.

From the EU-US deal on pharmaceuticals and expansion of its neuroscience portfolio through Gilgamesh’s bretisilocin acquisition to an overall improved guidance, there’s no doubt the company is among the best stocks to hold for the upcoming years. These positives point to just one thing: AbbVie Inc. (NYSE:ABBV) is onto something big.

AbbVie Inc. (NYSE:ABBV) is an Illinois-based research-focused biopharmaceutical company that provides medicines and therapies internationally. The core offerings of the company include Humira, Skyrizi, Rinvoq, Imbruvica, and Epkinly.

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Disclosure: None.