Wells Fargo lowered the firm’s price target on AbbVie to $180 from $195 but keeps an Overweight rating on the shares. The firm is updating its model forecast out to 2033, with more impact from loss of exclusivity for Skyrizi, Rinvoq, and Venclexta, the analyst tells investors in a research note. Wells Fargo adds however that AbbVie’s ex-Humira business is nearly as big as the “Street- favorite” Eli Lilly (LLY), with comparable de-risked 2024-2029 sales growth, and yet AbbVie shares are trading at a 50% discount to that name.
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