Abbvie (ABBV) PT Raised to $165 at BofA Securities

BofA Securities analyst Geoff Meacham raised the price target on Abbvie (NYSE: ABBV) to $165.00 (from $162.00) while maintaining a Neutral rating.

The analyst commented, "Our takeaways from the ASH conference are that current Imbruvica (IBR) patients not tolerating treatment (~25%) may be switched to Calquence (ACA) or Brukinsa (ZAN), but not patients with PD or are doing well on treatment. With that said, we thought session on Imbruvica RWD supported comments from J&J management (see report) on some ex-US stability near-term. Accordingly, we have lowered our Imbruvica estimates (BofA 2030e sales from $3.3B to $2.5B; 2030e cons. $2.7B), but we reiterate our more bullish Venclexta sales given combination-driven expansion opportunities (see report for our AML updates) across multiple indications and treatment lines (BofA 2030e $4.5B vs 2030e cons $3.6B), and now break out epcoritamab estimates from pipeline value."

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