Goldman Sachs Adding Pfizer To Conviction Buy

Goldman Sachs is out with a research report on Pfizer PFE and is adding the stock to its Conviction Buy list and it has a $22 price target. In a note to clients, Goldman Sachs writes, "We are adding PFE to the Conviction List, as we view PFE as a dislocated Buy opportunity in US Major Pharma, given (1) its dynamic management team that has shown commitment to delivering value to shareholders through announced spin-offs/divestitures and dividends/share buybacks, (2) significant 2H2011 pipeline catalysts that could change investor sentiment, (3) management's focus on fixing the R&D engine could drive significant long-term value if successful, and (4) significant and building cash balances that affords tremendous flexibility. We see 32% upside to our 12-month price target of $22." Shares of PFE lost 83 cents yesterday to close at $16.66 yesterday.