AbbVie upgraded to Outperform from Market Perform at Leerink

Leerink analyst David Risinger upgraded AbbVie (ABBV) to Outperform from Market Perform with a $206 price target The firm recommends taking advantage of the emraclidine setback and election-related downdraft to purchase shares, and tells investors in a research note that while its financial projections are roughly in line with consensus, but Leerink sees the potential for continued strong execution to drive upside, including for Skyrizi in its recently-launched ulcerative colitis indication. While Leerink believes AbbVie overpaid for Cerevel and will likely have to take a significant emraclidine write-down in early 2025, the firm continues to view the company as having strong leadership with good judgment, and says other Cerevel assets could generate positive Phase 2 results in coming years, and the company could execute additional M&A which enhances its growth prospects.