- Credit Suisse has initiated coverage on Pfizer Inc (NYSE:PFE) with an Outperform rating and a price target of $55.
- The analyst says that Pfizer has been the worst-performing U.S. Large-Cap Pharma this year, falling 15% on uncertainties with COVID-19 and slowing vaccine sales.
- Heading into 2023, Credit Suisse thinks 2023 forecasts for COVID-19 products remain uncertain, and it is difficult to see a meaningful catalyst to reverse this share price decline.
- Related: Pfizer’s Q3 Earnings Surpasses Estimates, Lifts Forecasts For COVID-19 Vaccine Sales By $2B.
- The analyst says the strength of Pfizer’s base business is underestimated, where a consistent cadence of smaller, positive pipeline events combined should accelerate growth.
- Higher long-term COVID vaccine sales would augment this at a commercial price, an overlooked pipeline, and expected business development deals. Credit Suisse views valuation as undemanding, especially after this year, with the target price implying a 13% upside potential to the current price.
- Price Action: PFE shares are down 0.72% at $47.98 on the last check Friday.
- Image by x3 from Pixabay
Wells Fargo Maintains Overweight on Highwoods Props, Lowers Price Target to $38
Wells Fargo analyst Blaine Heck maintains Highwoods Props (NYSE:HIW) with a Overweight and lowers the price target from $40 to $38.
