UPDATE: SVB Leerink Assumes Pfizer (PFE) at Market Perform

SVB Leerink analyst Andrew Berens assumes coverage on Pfizer (NYSE: PFE) with a Market Perform rating and a price target of $55.00.

The analyst comments "We are initiating coverage of PFE shares with a Market Perform rating and a $55 price target. We are bullish on management’s initiatives to boost innovation, but we struggle to predict the magnitude and durability of COVIDrelated profits beyond 2022. Management is aggressively reinvesting outsized COVID-related cash flows in internal and external R&D to add long-term growth drivers and offset mid-late decade patent cliffs. But Core business prospects excluding transactions are uninspiring, and it is extremely difficult to predict the company’s earnings power as COVIDrelated sales decline after 2022."

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 $52.47 yesterday.

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