J.P. Morgan Reiterates Overweight Rating on Pfizer
In a report published Monday, J.P. Morgan & Co. reiterated its Overweight rating on Pfizer (NYSE: PFE).
J.P. Morgan noted, “Maintain Overweight rating. We see Pfizer offering an attractive mix of 1) inexpensive valuation (11x '13 EPS), 2) an approaching nearterm new product cycle with 3) a high FCF/dividend yield, and 4) limited earnings risk, in our view. We see Pfizer's business unit divestitures as potentially unlocking significant value and anticipate continued high levels of capital return to shareholders, including what we forecast will be $10+ billion of share repurchase in 2013.”
Pfizer closed on Friday at $24.89.
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