Citi Lifts Target on Pfizer (PFE) to $23; Says Co. Won't Break Up Pharma Unit

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Citi's John Boris boosted his price target on shares of Pfizer (NYSE: PFE) from $19 to $23 Monday morning following a recent investor meeting with the company's CFO Frank D'Amelio. Boris reiterated a Neutral rating on shares of Pfizer.

The analyst is convinced Pfizer will retain its Pharma unit. Boris is, however, expecting Pfizer to sell its Nutritionals unit and spin off its Animal Health unit. Boris believes these actions will occur before the end of this year.

The Citi analyst expects Pfizer to use proceeds from these moves for "tuck-in" acquisitions and/or share repurchases.

Pfizer shares are up 0.2 percent to $22.68 at last check.

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

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