Jefferies Downgrades Pfizer (PFE) to Hold; Key Drivers Have Played Out

October 13, 2016 6:50 AM EDT
Get Alerts PFE Hot Sheet
Price: $32.13 -0.16%

Rating Summary:
    13 Buy, 10 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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Jefferies downgraded Pfizer (NYSE: PFE) from Buy to Hold with a price target of $36.00 (from $39.00), saying key drivers have played out.

Analyst Jeffrey Holford commented, "We have downgraded PFE to Hold from Buy as the key drivers that originally drove our upgrade have either played out (Ibrance, Prevnar) or failed to materialize (inversion, GEP separation) in our view. We have lowered our mid term EPS estimates by up to 7% after updating our model for the infusion business disposal and weaker Ibrance trends in particular and are now up to 4% below mid term consensus revenue and EPS. We have lowered our PT to $36 from $39 and reduced our rating from Buy to Hold as a result of these changes and our view that the risk of major M&A action by PFE over the next 12 months or so has increased."

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 $33.07 yesterday.

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