Berenberg Starts Pfizer (PFE) at Hold

Berenberg initiates coverage on Pfizer (NYSE: PFE) with a Hold rating and a price target of $38.00.

Alistair Campbell commented, "We expect Pfizer to deliver mid-singledigit earnings growth in the medium term, with pipeline and growth products more than offsetting patent headwinds. While this growth outlook is towards the low end of the sector, it is fully discounted in Pfizer’s 2017 P/E of 13x. Having been frustrated in its attempts to realise tax effective M&A, the company is revisiting plans to unlock value through a split of the business. Our analysis points to 9% upside on the sum-of-the-parts, but not enough to build a strong Buy case."

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 $33.16 yesterday.

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