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AbbVie Inc (NYSE:ABBV) will report second-quarter earnings on Thursday and Wall Street expects $2.96 in earnings per share and $14 billion in revenues as the company reports before market hours.
AbbVie investors and analysts will be focusing on the revenue impact of arthritis drug Humira following its U.S. patent expiry, after a significant first-quarter decline.
Also, with new CEO Robert A. Michael at the helm and strong growth from Humira’s replacements, investors will be looking for signs of recovery and market optimism.
The stock is up 20.93% over the past year, 11.73% year-to-date.
Let’s look at what the charts indicate for AbbVie stock, and how the stock currently maps against Wall Street estimates.
AbbVie's stock shows a strongly bullish trend, with the share price of $173.15 surpassing its 5, 20, and 50-day exponential moving averages. This technical setup indicates a robust upward momentum.
Chart created using Benzinga Pro
Specifically, the stock is trading above its 8-day ($171.43), 20-day ($169.69), 50-day ($166.47), and 200-day ($161.99) simple moving averages, signaling bullish conditions.
Chart created using Benzinga Pro
The Moving Average Convergence Divergence (MACD) indicator, at 1.53, reinforces this bullish stance.
However, with an RSI of 57.65, and treading higher — the stock might be approaching overbought territory, suggesting caution.
The Bollinger Bands further support a bullish outlook, with the 25-day bands at $164.88 to $175.13 and the stock trading in the upper band.
Despite the current selling pressure, which could imply potential for bearish movement, the overall technical indicators favor a bullish position for AbbVie stock.
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Ratings & Consensus Estimates: The consensus analyst rating on AbbVie stock stands at an Overweight currently with a price target of $173. Recent analyst ratings from BMO Capital, Morgan Stanley, and Cantor Fitzgerald, in July, have an average price target of $203.33 for AbbVie stock, implying a potential 17.67% upside.
ABBV Price Action: AbbVie stock was trading at $172.80 at the time of publication.
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