Morgan Stanley reported on Thursday that it has increased its price target for biopharmaceutical company, Pfizer Inc. (PFE).
The firm has reaffirmed a “Overweight” rating on the company, and has raised its price target from $27 to $31. This price target suggests a 9% upside to the stock’s current price of $28.19.
An analyst from the firm commented, “Pfizer’s FCF yield is attractive at 8%. Raising PT from $27 to $31 based upon greater long-term pipeline contribution and thus more optimistic DCF (changed terminal growth from -3% to -2%). We expect fin’l action to enhance shareholder value. … Prevnar-13 adult (pneumococcal vaccine) CAPITA outcomes study completes in August; positive results could result in routine vaccination in adults and significantly boost adoption. Encouraging CDK inhibitor (“991”) breast cancer data is likely in Dec.”
Pfizer shares were mostly flat during Thursday morning trading Thursday. The stock has increased 32% in the past year.
The Bottom Line
Shares of Pfizer Inc. (PFE) have a 3.41% yield, based on Thursday morning’s price of $28.16.
Pfizer Inc. (PFE) is “Recommended” dividend stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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