AbbVie Analysts Increase Their Forecasts After Upbeat Earnings

AbbVie Inc ABBV reported better-than-expected earnings for its third quarter and raised its profit outlook on Friday.

AbbVie reported quarterly adjusted EPS of $2.95, down 19.4% Y/Y, beating the consensus of $2.88. Overall sales decreased 6% Y/Y (down 5.8% on an operational basis) to $13.93 billion, beating the consensus of $13.70 billion.

AbbVie raised its FY23 adjusted EPS guidance from $10.86-$11.06 to $11.19-$11.23 versus the consensus of $11.05. The company also raised its FY24 adjusted EPS guidance floor from $10.70 to $11.00 compared to the consensus of $11.07.

AbbVie shares rose 2.8% to trade at $142.85 on Monday.

These analysts made changes to their price targets on AbbVie following earnings announcement.

• Barclays raised the price target on AbbVie from $160 to $170. Barclays analyst Carter Gould upgraded the stock from Equal-Weight to Overweight.
• Morgan Stanley increased the price target on AbbVie from $193 to $196. Morgan Stanley analyst Terence Flynn maintained an Overweight rating.

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