UPDATE: BMO Capital Markets Raises PT to $30 on Pfizer Ahead of Q4 Results
BMO Capital Markets reiterated its Outperform rating on Pfizer (NYSE: PFE) and raised the price target from $29.00 to $30.00.
BMO Capital Markets said, "the market has looked beyond Pfizer's relatively weak 3Q12 results and the stock is up about 10% following 4Q12 catalysts: e.g. Tofa FDA approval and phase-3 data at ACR, FDA Eliquis approval. Unlike 3Q12, the y/y fx swing (favorable to unfavorable) should have considerably less impact in 4Q12. Overall, we believe that Pfizer will meet or exceed 4Q12 estimates. Focus will likely be on the company's 2013 guidance and the impact of the upcoming Zoetis IPO (February 1, 2013) for about 20% of the Animal Health business."
Pfizer closed at $27.00 on Friday.
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Tags: BMO Capital Markets