AbbVie price target lowered to $233 from $248 at BofA

Summary of Key Points Core Viewpoint - BofA has lowered the price target for AbbVie (ABBV) to $233 from $248 while maintaining a Neutral rating on the shares, indicating a cautious outlook on the stock's performance moving forward [1]. Group 1: Valuation and Growth Outlook - The firm perceives "a relatively clean setup" for growth at the high end of the peer group, suggesting that AbbVie has potential for growth compared to its competitors [1]. - The valuation basis is being shifted to FY27 estimates, indicating a long-term perspective on the company's financial performance [1]. Group 2: Pipeline and Market Position - The premium multiple assigned to AbbVie is balanced by limited late-stage pipeline catalysts, which may restrict significant upside potential in the near term [1].