AbbVie price target lowered to $211 from $215 at Truist

Truist analyst Srikripa Devarakonda lowered the firm’s price target on AbbVie (ABBV) to $211 from $215 and keeps a Buy rating on the shares as part of a broader research note previewing FY25 for large-cap biopharma. The sector has underperformed the SP500, and with uncertainty around macro environment, investors have remained cautious, the analyst tells investors in a research note. Truist adds however that tailwinds for the sector could emerge from continued execution on launches, mid-stage growth, key catalysts, and an incoming administration potentially being more pro-pharma than expected. For the company, the firm is positive on its longer-term outlook as Humira erosion fades and Skyrizi/Rinvoq continue to gain momentum share across multiple indications, also citing share momentum behind Venclexta, Vraylar and migraine markets.