UPDATE: J.P. Morgan Initiates Coverage on AbbVie with Neutral Rating, $38 PT

In a report published Wednesday, J.P. Morgan & Co. initiated coverage on AbbVie (NYSE: ABBV ) with a Neutral rating and $38.00 price target. J.P. Morgan noted, “We are initiating coverage of ABBV shares with a Neutral rating and $38 YE'13 price target. We see AbbVie as essentially a Humira