AbbVie price target raised to $278 from $270 at Morgan Stanley

Morgan Stanley raised the firm’s price target on AbbVie (ABBV) to $278 from $270 and keeps an Overweight rating on the shares. The company reported a solid quarter from the immunology franchise, though continued execution will be needed to disprove the competitive narrative, the analyst tells investors in a research note. The firm added that it expects pipeline diversification/progress to take on greater importance as investors start to look beyond 2030, where AbbVie provided a positive Phase 2 update on its next-gen immunology combo.