Citi Has Hold On Pfizer (PFE)

Citi Investment Research has a Hold rating and a $17 price target on shares of Pfizer Inc. PFE. In a note to clients, Citi writes, "We believe PFE's new CEO could announce a strategic review of its #5 ranked global nutritional business, similar to PFE's Oct. '10 announcement to review Capsugel (by 1Q11). We believe it makes strategic & financial sense to divest the Nutritional business, either through a tax-efficient spin/split-off structure similar to BMY's Mead Johnson (MJN) transaction rather than a sale. We could see a deal fetching $8B-$9B (4.0x-5.0x EV/sales or 13.0x-15.0x EV/EBITDA)." Shares of PFE closed at $18.15 on Friday.