TSMC's Q3 Revenue Represents a Slightly Larger-Than-Typical Beat, Wedbush Says

On October 9, UBS raised its target price for AbbVie (ABBV.N) from $260 to $275, stating that investors' focus is shifting from blockbuster drugs Skyrizi and Rinvoq to the next wave of growth in its immunology business. UBS also noted that other projects in AbbVie’s R&D pipeline remain robust. It expects strong third-quarter performances from Skyrizi and Rinvoq, with respective sales reaching $5.7 billion and $2.7 billion. Special attention was given to upcoming combined treatment data of Skyrizi for Crohn's disease and ulcerative colitis, with mid-stage trial results to be released later this month. UBS believes that the drug lutikizumab, for inflammatory skin diseases, has a potential market size of $1-2 billion, and pointed out that Rinvoq sales are likely to surpass $500 million. The report also mentioned positive late-stage clinical data for cancer drugs Epkinly and etentamig, as well as the recent launch of the Parkinson’s disease medication tavapadon. UBS expects third-quarter earnings per share (EPS) to reach $3.76, within AbbVie’s forecast range of $3.73 to $3.77. Including intraday fluctuations, AbbVie’s stock has risen 21% so far this year. (For the convenience of non-English speakers, Reuters provides automated translation of its reports into several other languages. Due to potential inaccuracies or lack of required context in automated translations, Reuters does not guarantee the accuracy of these texts and is not liable for any damage or loss arising from their use. The translations are provided solely for readers' convenience.)

October 9 – ** Smithfield Foods (SFD.O), a pork producer, saw its share price fall by 2%, closing at $18.51 ** Bank of America downgraded the stock from “buy” to “neutral,” and adjusted the price target from $25 down to $21 ** The brokerage cited deteriorating fundamentals in the hog industry: weak demand for pork belly and ham, declining lean hog futures prices, and persistently high feed costs have led to expectations of reduced hog profits ** They expect the packaged meats segment to remain stable and stated that a recovery in the hog industry or a significant rise in packaged meats profits would make them more optimistic about the stock ** Out of seven brokerages, four rate the stock “buy” or higher, and the remainder rate it “hold”; according to LSEG data, the median price target is $28 ** As of the previous trading day’s close, the stock is down approximately 15% year to date. (For convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Because automated translation may result in errors or lack necessary context, Reuters does not guarantee the accuracy of automatically translated texts, which are provided solely for readers’ convenience. Reuters assumes no responsibility for any damage or loss arising from the use of automated translation features.)