American Technology Research Initiates Coverage On Pfizer (PFE) With A Buy

Today, American Technology Research initiates coverage on Pfizer (NYSE: PFE) with a Buy and a $24 price target, which is 34% upside from here.

Am Tech said following last week's patent settlement with Ranbaxy Labs on
Lipitor, extending the franchise to end of 2011, AmTech has increased confidence in Pfizer's ability to fund its 7.1% dividend and an extended share buy-back program. Am Tech also said it believes Pfizer will support its late-stage R&D efforts, and seek acquisition opportunities to help lessen the Lipitor fall off in 2012.

Am Tech believes Pfizer is significantly undervalued and will likely rise from here.

Pfizer Inc. is a research-based, global pharmaceutical company.

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