AbbVie, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Courtney Breen from Bernstein maintained a Hold rating on the stock and has a $203.00 price target.
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Courtney Breen has given his Hold rating due to a combination of factors influencing AbbVie’s current and future performance. While AbbVie reported a strong second quarter with revenues and earnings per share surpassing expectations, and raised its full-year guidance, there are concerns about the increasing drag from Humira. The growth from key products like Skyrizi and Rinvoq was notable, but the rapid decline in Humira’s performance poses a significant challenge.
Despite the positive earnings results, the potential impact of external factors such as EU tariffs and drug pricing regulations remains a concern. AbbVie’s efforts to mitigate these through proposals and direct patient platforms are acknowledged, yet the overall outlook suggests a balanced risk-reward scenario. Therefore, the Hold rating reflects the anticipation of steady performance without significant upside potential in the near term.
In another report released on August 1, Bank of America Securities also maintained a Hold rating on the stock with a $220.00 price target.