Goldman Sachs Boosts Price Target on Pfizer (PFE) Citing Solid Execution

Goldman Sachs lifted their price target on Conviction Buy List-rated Pfizer (NYSE: PFE) from $22 to $23 following strong Q3 results on Tuesday.

The firm said the Q3 results was a demonstration of management’s execution
and should bode well for 2012 - the patent cliff year.

Goldman sees a strong pipeline that should help to offset patent expirations in 2012 and offer revenue growth thereafter with potential new products tofacitinib, Xalkori, Prevnar 13, Eliquis, axitinib, and bosutinib.

Currently, there is the stock is reflecting a minimal for its pipeline.

The raised share buyback to $7-$9 bilion also bodes well for the shares, Goldman said.

For more ratings news on Pfizer click here and for the rating history of Pfizer click here.

Shares of Pfizer closed at $19.33 yesterday.

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