J.P. Morgan Reiterates Overweight on Pfizer

J.P. Morgan is out with its report today on Pfizer PFE, reiterating Overweight. In its report, J.P. Morgan writes, "Against the backdrop of a difficult market, Pfizer clearly stands out as the defensive play in our coverage universe, offering an attractive mix of 1) inexpensive valuation (7.9x 11E and 7.7x 12E EPS), 2) multiple near-term catalysts, 3) a high FCF/dividend yield, and 4) limited earnings risk, in our view. Along these lines, we see the recent selloff creating an attractive entry point for a company whose fundamental outlook has not changed, and we are reiterating our OW rating and maintaining our $25 PT." At the time of posting, shares of PFE were trading pre-market at $17.45, down 0.85% from Tuesday's close.