This Pfizer Analyst Is Turning Bullish Citing 'Pipeline Progress And M&A Activity'

Shares of Pfizer Inc. PFE have been rallying in Tuesday’s trading.

The company’s product pipeline and new launches offset the COVID-19 uncertainty in 2023, according to Goldman Sachs.

The Analyst: Chris Shibutani upgraded the rating for Pfizer from Neutral to Buy, while raising the price target from $47 to $60.

The Thesis: The New York-based company has delivered a year of pipeline progress and M&A activity, Shibutani said in the upgrade note.

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“We now believe that positive updates from the company’s pipeline, and the potential for outperformance from the commercial new product launch portfolio over the course of the coming year, can drive meaningful upside to the value that should be ascribed to PFE’s base business (an incremental ~$8/share in our view),” the analyst wrote.

“We believe at this juncture, that there is a sufficiently lessened degree of uncertainty regarding dynamics that will impact the COVID-19 franchise,” he added.

PFE Price Action: Shares of Pfizer had risen by 3.06% to $53.76 at the time of publication Tuesday.

Image via Pfizer