Canaccord Says AbbVie’s (ABBV) Apogee Deal Strengthens Long-Term Growth Outlook

AbbVie Inc. (NYSE:ABBV) is included among the Top 10 Blue Chip Stocks with Growing Dividends.

On June 23, Canaccord raised its price recommendation on AbbVie Inc. to $273 from $265. It reiterated a Buy rating on the shares. The firm updated its model following AbbVie’s announced acquisition of Apogee Therapeutics (APGE). Canaccord said the deal makes strong strategic sense, as it adds a potential mega-blockbuster immunology asset targeting atopic dermatitis (AD) and asthma. The firm believes the asset could become a major growth driver for AbbVie over the next decade.

On June 22, Wells Fargo maintained an Overweight rating on AbbVie. It also set a $260 price target on the stock. In a research note, the firm said AbbVie’s reported bid for Apogee Therapeutics is logical because Apogee scores highly on its M&A screening framework. Wells Fargo told investors that such a transaction would likely be viewed positively by the market and could support AbbVie’s shares. The firm also noted that the deal could create pressure on Regeneron by increasing competition in the space.

AbbVie Inc. is a global, diversified, research-based biopharmaceutical company. The company focuses on the research and development, manufacturing, commercialization, and sale of medicines and therapies.

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