AbbVie price target lowered to $180 from $195 at BMO Capital

BMO Capital analyst Evan Seigerman lowered the firm’s price target on AbbVie to $180 from $195 but keeps an Outperform rating on the shares after its Q1 results. The managment’s commentary on Humira erosion spooked investors, but volume declines from recent loss of CVS access appears to be baked into management guidance, the analyst tells investors in a research note. The post-earnings sell-off was more a reflection of headline risk than fundamental changes in expectations, though the firm is reducing estimates on softer-than-expected aesthetic business headwinds outside U.S., which h may be more persistent than initially expected, BMO added.