UPDATE: BMO Capital Downgrades Pfizer
In a report released Monday, BMO Capital analyst Alex Arfaei downgraded Pfizer (NYSE: PFE) from Outperform to Market Perform while reducing its price target from $34 to $31.
Analysts at BMO stated Pfizer has "limited growth prospects." Pfizer's new drug releases do not outweigh its mature franchises heavily declining dividend; backpacks create some short-term support, but not enough for growth maintenance.
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