AbbVie price target raised to $223 from $200 at BofA

BofA raised the firm’s price target on AbbVie (ABBV) to $223 from $200 and keeps a Neutral rating on the shares after the company and Gubra announced a license agreement to develop GUB014295, a long-acting amylin analog for the treatment of obesity. A defensive rally in pharma has benefitted AbbVie and a handful of other large biopharma names, notes the analyst, who lifts the firm’s multiple and price target due to heightened long-term optionality from the company’s “newfound presence in obesity.”