AbbVie price target lowered to $171 from $172 at Guggenheim

Guggenheim lowered the firm’s price target on AbbVie to $171 from $172 and keeps a Buy rating on the shares. Q1 results exceeded management guidance and met the firm’s estimates, but the stock took an 8% hit due to weakness in key growth drivers Skyrizi and Rinvoq, the analyst tells investors. After digesting management commentary on the conference call and the firm’s follow-up call with the team, "we are not overly concerned and are making no changes to our short- or long-term estimates for either product," the analyst added.