Why AbbVie Stock Flew Higher on Friday

Core Viewpoint - AbbVie reported better-than-expected quarterly earnings, leading to a significant increase in its stock price and positive analyst sentiment [1][2]. Group 1: Earnings Performance - AbbVie shares closed more than 3% higher following the release of its second-quarter figures, outperforming the S&P 500 index, which fell by 1.6% [1]. - The positive earnings report prompted analysts to revise their price targets upward, reflecting a bullish outlook on the stock [2]. Group 2: Analyst Revisions - Morgan Stanley's Terrance Flynn raised his price target for AbbVie shares from $250 to $255, indicating a continued bullish stance [4]. - Analysts Gary Nachman from Raymond James and Vamil Divan from Guggenheim also increased their price targets to $236 (up by $9) and $227 (up from $216), respectively, while maintaining buy recommendations [5]. Group 3: Product Performance - Vamil Divan highlighted the strong sales growth of AbbVie's blockbuster drug Skyrizi, attributing much of the improvement to increased demand and volume growth [6].