Piper Sandler Raises AbbVie Price Target to $298 on IBD Pipeline
Piper Sandler reiterated its Overweight rating on AbbVie (ABBV) and raised the price target to $298 from $294, driven by the company's inflammatory bowel disease pipeline strength.
Key Numbers
On May 14, Piper Sandler reaffirmed its Overweight rating on AbbVie (NYSE:ABBV) and raised the price target to $298 from $294, citing the strength of the company's inflammatory bowel disease (IBD) pipeline, particularly Skyrizi.
Recommendation Change
- Previous Rating: Overweight (confirmed)
- Current Rating: Overweight (confirmed)
- Previous Price Target: $294
- Current Price Target: $298
Analyst Rationale
The Piper Sandler analyst believes AbbVie's IBD pipeline, led by Skyrizi, is a key long-term growth driver. The company is making steady progress in developing new formulations of Skyrizi, bolstering confidence in its ability to offset declining Humira revenues.
Context
This recommendation comes as AbbVie faces competitive pressures from Humira biosimilars. However, the stock has shown relative resilience, benefiting from the strength of newer products like Skyrizi and Rinvoq. Other analysts have mixed views, but the consensus leans positive.
What to Make of It
The price target hike reflects analyst confidence in AbbVie's transition strategy. Investors should monitor IBD pipeline developments and Skyrizi clinical trial results, as they will be critical to the stock's future performance.
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