BMO Capital Downgrades Pfizer (PFE) to Market Perform
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BMO Capital downgraded Pfizer (NYSE: PFE) from Outperform to Market Perform with a price target of $33.00 (from $40.00), saying despite the pullback they seek more balanced risk/reward.
Analyst Alex Arfaei commented, "Following signs of strengthening headwinds, and increased uncertainty about the pipeline, we now believe that the risk/reward with PFE is mostly balanced. We certainly appreciate that the timing for our downgrade could have been better (e.g., when a split seemed less likely), and that the ~4% yield should provide support at this valuation. However, we simply don't see many significant catalysts to meaningfully offset the headwinds we expect. Moreover, we believe that Pfizer is now more likely to pursue deals that could prove costly, like Medivation."
Shares of Pfizer closed at $31.07 yesterday.
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