Tuesday morning, Pfizer Inc. PFE posted better than expected resultsfor the fourth quarter, but issued a weak 2015 forecast. Following the earnings call, several research firms weighed in on the results.
Morgan Stanley and Credit Suisse were amongst the first ones to comment. While the latter remains bullish, reiterating an Outperform rating and a $35 price target, the former seemed less confident, and issued an Equal-weight recommendation on the stock.
Credit Suisse
In a report published Monday morning, Credit Suisse analysts said that they “expect the stock to be down today but […] see room for PFE to outperform in 2015 given optionality from business development and/or the pipeline, inexpensive valuation, and group-high 3.4% dividend yield.”
In addition, the report pointed out two more growth drivers: “good product performance driven by innovative businesses” and “reasonable operating margins, still driven heavily by GEP.”
Morgan Stanley
Morgan Stanley’s report noted Pfizer’s above-forecast fourth quarter results, but also highlighted the 2015 EPS guidance, 6 percent below its expectations, which “reflects a $0.17 FX hit and a $0.03 impact from the planned upfront payment associated with the global R&D agreement for OPKO’s long-acting human growth hormone.”
Finally, analysts showed themselves surprised by some of the products’ (like Celebrex) sales, while mentioning several other key products that were in line with projections.
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