BMO Capital Downgrades Pfizer (PFE) to Market Perform

BMO Capital downgraded Pfizer (NYSE: PFE) from Outperform to Market Perform with a price target of $33.00 (from $40.00), saying despite the pullback they seek more balanced risk/reward.

Analyst Alex Arfaei commented, "Following signs of strengthening headwinds, and increased uncertainty about the pipeline, we now believe that the risk/reward with PFE is mostly balanced. We certainly appreciate that the timing for our downgrade could have been better (e.g., when a split seemed less likely), and that the ~4% yield should provide support at this valuation. However, we simply don't see many significant catalysts to meaningfully offset the headwinds we expect. Moreover, we believe that Pfizer is now more likely to pursue deals that could prove costly, like Medivation."

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 $31.07 yesterday.

You May Also Be Interested In

• Next-Generation DNA Repair Inhibitors Could Capture Billions in Emerging Market
• EQT Corp. (EQT) PT Lowered to $65 at Truist Securities
• X-Energy Inc (XE) PT Lowered to $22 at Jefferies