AbbVie price target raised to $251 from $220 at BofA

BofA raised the firm’s price target on AbbVie (ABBV) to $251 from $220 and keeps a Neutral rating on the shares. While the timing of President Trump’s drug pricing announcement with Pfizer (PFE) was a surprise, the substance was “pretty benign overall,” which has triggered a partial re-rating of many, but not all, large cap biopharma companies, the analyst tells investors. The firm is taking this opportunity to adjust select price targets in the group, taking into account these recent updates as well as other fundamental changes, the analyst noted.