Bank of America Raises AbbVie Price Target on Skyrizi Strength

Bank of America has upgraded its stock rating for pharmaceutical company AbbVie. The bank raised its price target for the company's shares, citing the strong performance of Skyrizi, AbbVie's drug used to treat immune system diseases. Analysts noted that Skyrizi's sales have exceeded expectations, positively impacting AbbVie's overall growth outlook. Bank of America anticipates that this strong performance will significantly contribute to AbbVie's revenues. The upgrade decision is supported by Skyrizi's continued market share gains, along with other products in AbbVie's portfolio. The bank also views favorably the progress in the company's drug development pipeline. This is not investment advice.

📊 ABBV — Piyasa Yorumu

▲ up · 65%

Bank of America's price target increase is based on the strong performance of Skyrizi, which serves as a positive catalyst for ABBV. Technically, while the RSI at 43 is in neutral territory, the price trading below both the SMA20 and SMA50 indicates short-term weakness. The MACD line below the signal line also confirms bearish momentum. However, the positive news flow could offset the weakness in technical indicators and trigger an upward move in the near term. Therefore, the direction is upward, but the confidence level is moderate.

RSI 14

43.1

MACD

-0.48

24h Δ

-1.20%

📊 BAC — Piyasa Yorumu

▲ up · 60%

The news indicates that Bank of America has raised its price target for AbbVie, which could serve as an indirect positive signal for BAC. Technical indicators show the RSI at 58, in neutral territory, while the MACD exhibits a positive trend above its signal line. The price is trading above both the 20-day and 50-day moving averages, suggesting short-term upside potential. However, the limited 0.38% gain in the last close warrants caution against excessive optimism. Overall, a mildly bullish trend can be expected.

RSI 14

58.3

MACD

0.19

24h Δ

0.38%

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