On Monday, Barclays made an adjustment to its outlook on AbbVie (NYSE:ABBV) shares, reducing the price target to $187 from the previous $195. The firm maintained its Overweight rating on the NYSE:ABBV stock.
The revision was attributed to anticipated erosion of sales for Humira, a key drug in AbbVie's portfolio, along with temporary challenges that are expected to affect the company's earnings per share (EPS) growth for the year 2025.
The pharmaceutical company, known for its biopharmaceutical products, has been facing concerns over the competition for Humira, which has been a significant revenue generator. The lowered price target reflects adjustments in the growth projections due to these concerns. Despite this, Barclays continues to hold a favorable long-term view on AbbVie's stock.
The analyst from Barclays highlighted the factors influencing the revised price target, noting that while there are immediate headwinds, the long-term growth profile for AbbVie remains positive. The comment from the analyst indicated a belief in the company's ability to navigate through the current challenges and continue to grow in the long term.
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