** 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
(; Editing by Shreya Biswas)
((shreya.biswas@thomsonreuters.com;))
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