AbbVie assumed with an Overweight at Piper Sandler

Piper Sandler analyst David Amsellem assumed coverage of AbbVie (ABBV) with an Overweight rating and $231 price target The company is in an “enviable position” as it does not face a major loss of exclusivity through the end of the decade, the analyst tells investors in a research note. Piper believes AbbVie’s visibility into continued sales and EBITDA growth through the end of the decade is high with Skyrizi and Rinvoq expansion, visibility into growth for the oncology segment, and a durable neuromodulator franchise.