AbbVie had a better-than-expected quarter and guided higher; the post-release price drop is a dip you can buy.
The two analysts' revisions tracked by Marketbeat include lowered price targets, but they are still at the high end of the expected range and project upside for investors. The consensus estimate forecasts a slim 6% increase for the stock, but the high-end adds another 7% to that target and opens the door for much larger gains because it would be a new all-time high for this healthcare stock.
The guidance is the most favorable aspect of the report and includes an increase in the expected earnings. The company raised its full-year adjusted EPS guidance to a range with the low end above consensus. Because the company is building momentum in the non-Humira portfolio and Humira sales are still solid, guidance may increase later in the year. The pipeline plays into that outlook with several positive developments over the quarter, including the acquisition of ImmunoGen .
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