AbbVie price target raised to $190 from $185 at Piper Sandler

Piper Sandler raised the firm’s price target on AbbVie to $190 from $185 and keeps an Overweight rating on the shares. The firm highlights two new U.S. gastroenterologist surveys that would seem to support management’s commentary that while U.S. Humira erosion is accelerating, a decent amount of this erosion is projected to be captured by Skyrizi and Rinvoq. Coincident with this feedback, Piper is also now layering in EU Skyrizi UC revenue. Bottom line, the firm thinks it makes sense to shift its revenue contribution from Humira to Skyrizi with the net effect of revenue increases of $94M, $53M, $72M and $38M for FY24-FY27, respectively.