Analysts Are Cutting Price Targets of These 5 Stocks

02. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 73

On April 28, Wells Fargo lowered the price target on AbbVie Inc. (NYSE:ABBV) stock to $195 from $200 but maintained an Overweight rating on the shares. The firm is not worried about pricing rebates in the I&I (immunology and inflammation) space, as they expect Rinvoq and Skyrizi to continue driving high double-digit growth. The analyst adds that they would be buyers of the stock at its current price. However, Wells Fargo sees a need for M&A due to concerns about AbbVie Inc. (NYSE:ABBV) pipeline.

Also, Guggenheim maintained a Buy rating on AbbVie Inc. (NYSE:ABBV) but lowered its price target to $171 from $172 on April 28. The analyst noted that the company’s Q1 results met the firm’s estimates and exceeded management guidance. However, the stock suffered an 8% decline due to weakness in key growth drivers Skyrizi and Rinvoq. After discussing with management, the analyst is not overly concerned and is making no changes to the estimates for either product.