HSBC lifts AbbVie price target to $315 on label expansion hopes
HSBC analyst Rajesh Kumar raised his price target for AbbVie Inc. from $300 to $315 per share on Sept. 10, keeping a buy rating. The upgrade is based on expected label expansions for the immunology drugs Skyrizi and Rinvoq, which could accelerate earnings growth. Kumar also notes the company’s recent $10.9 billion acquisition of Apogee Therapeutics and strong recent sales of the two drugs. AbbVie currently trades at about 16 times forward earnings and yields roughly 2.6%.
Why it matters
HSBC expects the label expansions to lift AbbVie’s earnings growth from low‑mid‑single digits to high‑mid‑single digits, which could trigger a rerating of the stock to a forward P/E in the high‑teens to low‑20s. The analyst estimates the new target implies roughly 20% upside from the current share price of around $262.
Key facts
- 1HSBC raised its price target for AbbVie to $315 from $300 per share on Sept. 10. finance.yahoo.com
- 2Shares are changing hands around $262 per share. nai500.com
- 3AbbVie trades at about 16 times forward earnings. finance.yahoo.com
- 4AbbVie is acquiring Apogee Therapeutics for $10.9 billion. finance.yahoo.com
- 5Last quarter Skyrizi generated $5.5 billion in sales. nai500.com
- 6Last quarter Rinvoq generated $2.5 billion in sales. nai500.com
Summary written by AlphAI from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.