AbbVie price target raised to $298 from $294 at Piper Sandler

Piper Sandler raised the firm’s price target on AbbVie (ABBV) to $298 from $294 and keeps an Overweight rating on the shares. The depth of AbbVie’s inflammatory bowel disease pipeline remains the focus of significant investor attention, the firm says. Given the white-hot nature of the IBD drug development landscape, management’s advancement of novel combination approaches in IBD is undoubtedly a welcome development. That said, one of the considerations that renders AbbVie shares attractive in Piper’s view is the range of R&D shots-on-goal that continue to fall under the broader investor radar.