01:15 PM EDT, 03/15/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target by $11 to $199, 16.2x our 2025 EPS estimate, above ABBV's 10-year historical forward P/E average, justified by its strengthening outlook. We lift our 2024 EPS view to $11.27 from $11.24 and 2025's to $12.28 from $12.06. Following the successful closure of the $10.1 billion Immunogen acquisition earlier than anticipated in February, we updated our estimates. We see the acquisition as positive for Abbvie's ( ABBV ) near- and long-term revenue growth as it will enable the company to strengthen its oncology pipeline, particularly in the ovarian cancer treatment. We think the flagship cancer treatment, Elahere, a first-in-class antibody-drug conjugate (ADC), could bolster ABBV's oncology portfolio. Next, the $9 billion proposed acquisition of Cerevel Therapeutics, announced in December 2023, which has a pipeline of assets focused on psychiatric and neurological disorders, will be key to follow. The acquisition has the potential to strengthen Abbvie's ( ABBV ) strong-growing neuroscience portfolio, in our view.