AbbVie: Turnaround Lurking After The Correction Pain (Upgrade)

Summary:

  • AbbVie stock has fallen into a correction, declining nearly 16% from its March 2024 highs.
  • Despite the pullback, AbbVie remains a highly profitable company with a strong portfolio and robust long-term guidance.
  • The stock valuation is not cheap, but ABBV’s 4% dividend yield may provide valuation support.
  • I argue why ABBV’s turnaround could finally pick up momentum, suggesting a turnaround could be coming. Read on.

Abbvie

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AbbVie Stock Fell Into A Correction

AbbVie Inc. (NYSE:ABBV) is a leading biopharma company navigating the biosimilar erosion of its highly successful immunology drug, Humira. Despite that, AbbVie posted a pretty solid earnings scorecard in April 2024. In addition,


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