UPDATE: Deutsche Bank Raises PT to $25, Reiterates Buy on Pfizer

Deutsche Bank maintains its Buy rating on Pfizer (NYSE: PFE) and raises its price target by $2 to $25 on outlook for 2012 and preview of results for the fourth quarter.

Deutsche Bank notes, "Our new 12-month PT of $25 is based on a target multiple of 10X our '13 EPS forecast of $2.50, 15% below the market, which we believe is realistic given improved EPS visibility (synergy driven), and the currently low, but improving visibility of future revenue growth. Drug stocks typically trade in correlation to the market, based on their relative growth prospects. In our view, the current low multiple, coupled with the visible EPS growth, strong balance sheet, and high dividend yield suggests limited downside in the stock from current levels."

PFE closed at $21.84 per share on Friday.