AbbVie price target lowered to $224 from $231 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on AbbVie (ABBV) to $224 from $231 and keeps an Overweight rating on the shares following the “surprising” negative emraclidine Phase 2 update. The firm, which notes it removed emraclidine from its model and raised its Cobenfy estimates for Bristol Myers (BMY), so 2033 total revenue goes up 7%, adds that “bottom line is this does not change the overall rev/EPS growth trajectory for either stock.”