Standpoint Raised Its FY10 Price Target on Pfizer (PFE) to $24
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Standpoint Research raised its price target on Pfizer (NYSE: PFE) for 2010 and 2011 to $24 and $28 respectively, while reiterating their Buy rating.
The firm said PFE has lagged the sector and peers and has some catching up to do. The firm said the shares are now back in favor and should see another $4.00-$8.00 of upside between now and the end of next year.
The firm commented, "PFE is now trading at 8X (rising) earnings estimates (of $2.26) for next year and paying a dividend (expected to rise from $0.64 in December) yielding 3.5%. Pfizer did pay a premium for WYE but it was not unreasonable. The WYE takeover will give PFE (along with cost-cutting measures), a head-start towards replacing revenues that will be lost when Lipitor goes off patent in 2011. That drug accounts for 25% of PFE revenues. I am looking for a 20%-40% rise in the PFE share price before then. Changes in taxation of foreign income by the Obama administration could hurt (multi-national) PFE. Pfizer's historical effective tax rate has benefited from deferral of foreign income repatriation. PFE did however state that its forward-looking tax rate assumes annual repatriation from low-tax countries."
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