AbbVie price target raised to $170 from $163 at Piper Sandler

Piper Sandler raised the firm’s price target on AbbVie to $170 from $163 and keeps an Overweight rating on the shares. The company posted upside “literally across the board,” with Skyrizi and Rinvoq combining for a $150M revenue beat, the analyst tells investors in a research note. Piper says “most heartening” was commentary regarding the remainder of the year with less than anticipated Skyrizi pricing headwind and meaningful patient uptake across multiple indications.