Deutsche Bank Has Buy Rating On Pfizer (PFE)

Deutsche Bank has a Buy rating and a $20 price target on shares of Pfizer PFE following earnings. In a note to investors, Deutsche Bank writes, "In line quarter, with revs of $16.5B (flat), $34 mm above DBe, with +1% F/X benefit and +1% contribution from King. GMs were 50 bp above DBe at 81.7% on mix changes. SG&A was up 3% to $4.5B, R&D was down 8% to $2.01B, both in line with our forecast, and the tax rate was 27.8% (vs.29% DBe). PFE has done $2.2.B of share repo YTD. Rising payouts, share repurchase, and continued execution on its disciplined BD and resource allocation strategy, as well as new drugs should enhance the multiple, in our view, and support our Buy rating." Shares of PFE are down 3 cents to $20.41 in early Wednesday trading.