UPDATE: Goldman Sachs Adds Pfizer to Conviction Buy List

Goldman Sachs has published a research report on Pfizer PFE adding the company's stock to the Conviction Buy List. In the report, Goldman Sachs wrote, "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." Goldman Sachs upgraded Pfizer from a normal Buy to a Conviction List BUY with a price target of $22.00. Pfizer closed Monday at $16.66.