Argus Downgrades Pfizer (PFE) to Hold
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Argus downgraded Pfizer (NYSE: PFE) from Buy to Hold on a weaker outlook.
The analyst no longer expect PFE to achieve their former target price of $39 given recent pipeline setbacks, prospects for increased competition, and management’s decision to shelve its business separation plan.
The firm is lowering 2016 EPS estimate to $2.40 from $2.47, due mainly to the cancellation of Phase 3 trials of the company’s cholesterol-lowering drug. They are also lowering 2017 estimate to $2.57 from $2.65 based on expectations for higher costs and increased competition next year.
Shares of Pfizer closed at $31.07 yesterday.
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