AbbVie price target raised to $240 from $215 at BMO Capital

BMO Capital analyst Evan Seigerman raised the firm’s price target on AbbVie (ABBV) to $240 from $215 and keeps an Outperform rating on the shares. AbbVie settled litigation with generic drug makers attempting to bring generic Rinvoq to market ahead of its loss of exclusivity, with the firm saying we can expect generic competition market entry in 2037, four years after its 2033 composition of matter patent expiration, the analyst tells investors in a research note. The firm noted that this outcome reads well for the name, helping to drive growth beyond current consensus expectations.