UPDATE: JP Morgan Raises PT to $31 on Pfizer Following Q4 Results, Guidance
JP Morgan maintained Pfizer, Inc. (NYSE: PFE) with an Overweight and raised the price target from $29.00 to $31.00.
JP Morgan said, "While there were no major surprises in the guidance, management did confirm that they expect share repurchase to reach mid-teens billions of dollars range this year. More importantly, management's comments on the call reinforced our view that a larger split-up of the company remains a real possibility longer-term, something we believe would be a clear upside event for Pfizer shares. Despite the move the stock has had, we continue to see a number of drivers for further upside ranging from new product flow, to additional capital return and accretive bolt-on acquisitions."
Pfizer closed at $27.70 on Tuesday.
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