Guggenheim starts AbbVie with a Buy on diversified growth

As previously reported, Guggenheim analyst Vamil Divan initiated coverage of AbbVie with a Buy rating and $172 price target. Investors have "naturally" been focused on Humira’s erosion curve as it loses U.S. market exclusivity, but the firm believes that has led to people overlooking the strength of the rest of AbbVie’s business, including Skyrizi, Rinvoq, and Vraylar, each of which can drive further upside through recent or upcoming line extensions, the analyst tells investors. The firm also expects pipeline assets, such as epcoritamab and Teliso-V, to help stabilize the company’s oncology franchise.