AbbVie upgraded to Buy at BofA on durable growth

As previously reported, BofA analyst Tim Anderson upgraded AbbVie (ABBV) to Buy from Neutral with a price target of $234, up from $226. The firm believes concerns around competitive erosion to the key immunology segment are “overdone” as it argues that forward indicators for Skyrizi remain strong and new competitors appear “category expanding.” With durable growth into the mid-2030s, the firm thinks AbbVie offers “one of the best ex-pipeline growth profiles in large cap pharma with room for upside,” the analyst tells investors.