Pfizer (PFE) PT Lowered to $55 at Morgan Stanley as Management Implies M&A Ramp Rather Than Buybacks

Morgan Stanley analyst Matthew Harrison lowered the price target on Pfizer (NYSE: PFE) to $55.00 (from $60.00) on a lower multiple after management noted that its M&A/BD strategy is a continuation of its prior approach, but there would be a more accelerated pace.

The analyst reiterated an Equalweight rating, stating "We have adjusted our model and lowered our forward P/E multiple from 12.5x to 11.5x. Pfizer's large and growing cash balance will be a key source of investor debate in the coming months, but we expect cash generation to return to baseline over the next few years."

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