Citi Raises PT On PFE To $23

Citi has raised its price target on Pfizer PFE from $20 to $23 and maintains its Hold rating based upon meeting with the company's president and CEO Ian Read to discuss strategy execution. In the report, Citi writes, “We look for Read to 1) divest no-growth/low return/non- core assets, 2) improve the performance of its human pharma division by concentrating on a $35B+ “innovative core” growth segment & $18B no-growth Established (“generic”) Product segment,& 3)use bolt on acquisition/JV's to optimize each segment. We expect PFE's stock to grind higher supported by share repo ($5B in 2011 of $9B authorization, $1B is ~$0.014 to EPS), dividend increases (3.9% yield).” PFE closed yesterday at $20.46.