AbbVie upgraded to Outperform on growth confidence at William Blair

William Blair upgraded AbbVie to Outperform from Market Perform with a $190 fair value estimate. The firm says 2023 was a transformational year for AbbVie, with the introduction of Humira biosimilars, compounded by increasing competition for other key franchises such as Imbruvica and Botox. While “much uncertainty remains” about the pace of erosion for both Humira and Imbruvica, Blair sees greater confidence heading into 2024 in the company’s growth outlook over both the near and long term, the analyst tells investors in a research note. The firm believes AbbVie’s growth platform, headed by Skyrizi and Rinvoq, has been performing very well. It sees earnings upside as likely with attractive dividend yield and growth.