AbbVie downgraded to Neutral from Buy at Citi

Citi downgraded AbbVie (ABBV) to Neutral from Buy with a price target of $205, down from $210. While the company’s current fundamentals are solid, the share impact from quarterly surprises could diminish going forward, especially as investors increasingly shift more focus to AbbVie’s pipeline, the analyst tells investors in a research note. Citi cites the company’s “comparatively lighter late-stage” pipeline versus its biopharma peers and a higher perceived policy risk than peers for the downgrade. Both of these add risk to AbbVie’s “relative safety positioning,” contends the firm.