Piper Sandler raised the firm’s price target on AbbVie (ABBV) to $284 from $231 and keeps an Overweight rating on the shares. With settlements in place between generic filers and AbbVie on Rinvoq, coupled with strong performance across the commercial portfolio, the firm continues to argue for further multiple expansion. Piper continues to view AbbVie as one of the very few among its peers that offers an enviable trifecta of significant organic top-line/EBITDA growth, asset durability, and vast business development/M&A bandwidth.
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