Citi downgrades AbbVie on US policy risks, pipeline concerns
Citi downgrades drugmaker AbbVie ABBV.N to "neutral" from "buy"; cuts PT to $205 from $210
New PT represents 9.04% upside to stock's last close
"While current fundamentals are solid, we suspect that the share impact from quarterly surprises could diminish going forward, especially as investors increasingly shift more focus to the pipeline," brokerage says
Citi says co's drugs in late-stage development comprise "mostly label expansions that offer less opportunity than those already approved"
ABBV shares down 0.9% at $186.42 premarket
Co is seen as having higher policy risks than its peers due to potential PBM reform and U.S. President Donald Trump's proposed order Most Favored Nation pricing or international reference pricing for drugs, which could affect its market safety position, Citi says
As of last close, stock up 5.8% YTD
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