AbbVie, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Asad Haider from Goldman Sachs maintained a Hold rating on the stock and has a $218.00 price target.
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Asad Haider has given his Hold rating due to a combination of factors influencing AbbVie’s current market position. Despite AbbVie’s strong commercial execution and consistent performance, which has led to impressive earnings results and elevated stock prices, there are emerging challenges that warrant a cautious outlook. The company’s key products, Skyrizi and Rinvoq, have consistently outperformed expectations, but the competitive landscape is shifting with new entrants like JNJ’s Tremfya and upcoming oral psoriasis treatments.
Haider also notes that while there is ongoing momentum in AbbVie’s Neuroscience segment, the Aesthetics division faces persistent challenges. Additionally, there is uncertainty surrounding AbbVie’s mid-term guidance updates for Skyrizi and Rinvoq, with market expectations surpassing the company’s current projections. These factors contribute to a balanced view, leading to the Hold rating as investors weigh the potential risks and rewards in AbbVie’s future performance.
In another report released on October 22, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $248.00 price target.
Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ABBV in relation to earlier this year.