UPDATE: Morgan Stanley Raises PT to $31 on Pfizer on Pipeline Potential in Second Half of 2013

Morgan Stanley maintained Pfizer PFE with a Overweight and raised the price target from $27.00 to $31.00. Morgan Stanley noted, "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 closed at $28.12 on Wednesday.