Argus Downgrades Pfizer (PFE) to Hold

November 2, 2016 7:54 AM EDT
Get Alerts PFE Hot Sheet
Price: $31.46 -0.98%

Rating Summary:
    13 Buy, 12 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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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.

For an analyst ratings summary and ratings history on Pfizer click here. For more ratings news on Pfizer click here.

Shares of Pfizer closed at $31.07 yesterday.

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