AbbVie price target raised to $195 from $180 at Truist

Truist raised the firm’s price target on AbbVie to $195 from $180 and keeps a Buy rating on the shares. The company “reiterated FY24” as the floor, but Truist remains posiitive on AbbVie for its ability to grow Rinvoq/ Skyrizi as well as the management’s increased confidence given their longer-term outlook and growth expectations from ex-Humira business, the analyst tells investors in a research note. The firm is further citing AbbVie’s conviction in delivering on high-single digit CAGR from 2024-2029 from their portfolio and pipeline.