Jefferies recommends maintaining a long-term outlook on this key pharmaceutical stock.
Jefferies thinks its time for investors to go long on Pfizer . The firm upgraded the pharmaceutical stock to buy from hold in a Monday note and increased its price target to $39 per share from $38. Jefferies' forecast calls for roughly 21% upside from Friday's $32.11 close. Analyst Akash Tewari said that while the bank has been critical on Pfizer for much of 2023, it's now taking a a long-term view on the stock after the company cut its full-year guidance last week.
"In our view, PFE has one of the most intriguing catalyst paths over the next yr in large cap pharma and trades ~15% below where it traded at the start of the COVID pandemic." The analyst added Pfizer has already presented "an impressive innovation framework" that has helped the company adapt to healthcare headwinds, which underpinned the bullish long-term view.
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