AbbVie falls after Citi downgrades on US policy risks, pipeline concerns

Shares of drugmaker AbbVie ABBV.N fall 1.5% to $185.43 after brokerage Citi downgrades 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"

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 on Most Favored Nation pricing or international reference pricing for drugs, which could affect its market safety position, Citi says

Including session's moves, stock up 5.3% YTD