HSBC upgraded AbbVie (ABBV) to Buy from Hold with a price target of $265, up from $225. The company is seeing growth momentum and its execution should remain solid, the analyst tells investors in a research note. The firm believes Tremfya competition to Skyrizi is unlikely to be a meaningful risk for AbbVie. HSBC says the company’s upcoming pipeline readouts are undervalued at current share levels.
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