RBC Capital Reaffirms Buy Rating for AbbVie with $260 Price Target

RBC Capital has maintained its 'Buy' rating on AbbVie (ABBV) with a $260 price target, following robust quarterly revenue of $16.62 billion and a net profit of $1.82 billion. The company's outlook was further bolstered by positive Phase 2 trial results for its oncology drug, ELAHERE, in treating ovarian cancer. In light of this clinical progress, Guggenheim raised its price target for the stock to $249 from a previous $242. This revised target suggests a potential upside of 18.49% from the stock's price at the time of the update. While some platforms like TipRanks maintain a 'Hold' rating, the combination of strong earnings and pipeline advancements continues to drive investor confidence. Analysts believe these developments reinforce AbbVie's growth trajectory despite broader market volatility.