HSBC Downgrades AbbVie to Hold, Lowers Price Target to $156
Portfolio Pulse from Benzinga Newsdesk
HSBC analyst Rajesh Kumar has downgraded AbbVie (NYSE:ABBV) from Buy to Hold and reduced the price target from $167 to $156.
December 18, 2023 | 12:28 pm
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AbbVie's stock rating has been downgraded by HSBC from Buy to Hold, with a lowered price target from $167 to $156.
The downgrade from Buy to Hold by a major financial institution like HSBC suggests a more cautious outlook on AbbVie's stock, which could lead to a negative short-term reaction in the market. The reduction in the price target further reinforces the expectation of a lower valuation, potentially influencing investor sentiment and stock price.
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