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BMO increases AbbVie stock target, outperform on upbeat quarterly results

EditorNatashya Angelica
Published 31-10-2024, 06:18 pm
ABBV
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On Thursday, BMO Capital Markets adjusted its outlook on AbbVie Inc . (NYSE:ABBV) shares, a research-based biopharmaceutical company, by increasing the stock's price target to $228 from the previous $220, while reaffirming the Outperform rating. The revision follows AbbVie's recent financial performance, which surpassed expectations and prompted a notable uplift in the company's share value.

The company's latest earnings report revealed a stronger-than-anticipated quarter, leading to a positive shift in investor sentiment. This shift was evident as AbbVie's shares saw an approximate 6% surge today. Analysts have pointed to the successful performance of the company's products, Skyrizi and Rinvoq, as well as the manageable decline in sales of Humira, as aligned with market projections.

Abbvie's management has consistently communicated a forecast of mid-single-digit growth in revenue and earnings for the year 2025, a target that remains unchanged. The company's narrative around expected earnings reaching their lowest point in 2024 is beginning to take shape, as evidenced by current trends and financial data.

Further optimism is tied to potential developments expected in the fourth quarter, particularly concerning the company's emraclidine readout. This anticipated update is predicted to contribute to AbbVie's growth narrative. The solid quarterly results and the positive outlook for the near future have bolstered confidence in AbbVie's growth trajectory, as reiterated by the analyst's commentary.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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