AbbVie pares losses as SVB Leerink retracts guidance claims [Seeking Alpha]
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Source: Seeking Alpha
AbbVie pares losses as SVB Leerink retracts guidance claimsSep. 30, 2022 1:25 PM ETAbbVie Inc. (ABBV)By:Dulan LokuwithanaSA News Editor15 Commentsaluxum/E+ via Getty ImagesFollowing a sharp decline, AbbVie (NYSE:Q3 2022 results.ABBV fell to an intraday low in reaction to the initial note in which SVB analysts reiterated the Underperform rating and lowered its per share target to $135 from $140, citing, among other things, the impact of Medicare negotiations that followed the Inflation Reduction Act.Citing the ABBV management, SVB noted that the company is unlikely to issue 2023 guidance with its Q3 results and is not reaffirming its long-term high-single-digit revenue growth target.As for major uncertainties into 2023, the analysts pointed to the extent of the U.S. patent cliff on ABBV's bestselling therapy Humira and the recessionary/ inflationary impact on the company's aesthetics business.However, in a follow-up note, the analysts withdrew the claims. Citing ABBV's Investor Relatio
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