AbbVie price target raised to $167 from $165 at BofA

BofA raised the firm’s price target on AbbVie to $167 from $165 and keeps a Neutral rating on the shares. The firm notes AbbVie reported a strong Q4 and raised 2024 EPS to $11.05-$11.25. Importantly, BofA thinks AbbVie shares responded positively to the bullish long-term outlook, including raising combined Skyrizi/Rinvoq 2027 revenues to over $27B from $21B, Ubrelvy/Qulipta to more than $3B peak sales, return to oncology revenue growth in 2026, Aesthetics peak sales of over $9B in 2029, and Vraylar peak sales approaching $5B.