AbbVie (NYSE: ABBV) shares are trading higher on Monday.
Morgan Stanley analysts reinstated coverage on AbbVie with an Overweight rating and $95 price target, saying they view Humira erosion fears as "overly discounted" and that they see a "positive risk-reward skew" given the company's dividend yield.
AbbVie is a drug company with a strong exposure to immunology and oncology. The company's top drug, Humira, represents over half of the company's current profits. The company was spun off from Abbott in early 2013. The recent announced acquisition of Allergan will add several new drugs in aesthetics and women's health.
AbbVie shares were trading up 3.74% at $87.10 on Monday. The stock has a 52-week high of $97.86 and a 52-week low of $62.55.