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Analysts at Morgan Stanley turned bullish on Pfizer Inc. (NYSE:PFE) amid multiple catalysts and accretive M&A opportunities ahead.
Analyst David Risinger upgraded Pfizer's stock from Equal-weight to Overweight with a price target boosted from $35 to $39.
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Ibrance
Pfizer's pipeline is encouraging, especially in the breast cancer space where the company's Ibrance therapy could prove to be one of the "world's top drugs" as soon as next decade, Rissinger said. Ibrance could see sales in the $5 to $6 billion range by the end of the decade and then rapidly accelerate to $11 billion in 2023.
The drugmaker also has two Phase 3 adjuvant trials that are expected to be complete by 2020, including PALLAS which compares Ibrance and a standard endocrine therapy. In fact, to the best of the analyst's knowledge, none of Pfizer's competitors have even started any large adjuvant trials while Pfizer is evaluating its drug among 4,600 patients with stage two or three breast cancer.
The other phase 3 trial, PNELOPE-B, compares Ibrance versus a placebo among 1,250 patients who have residual disease after e after neoadjuvant chemotherapy and therefore have a high risk of recurrence.
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Deferred Tax Liability
Pfizer's balance sheet adds another layer to the company's bullish outlook, Risinger added. The company's $23.1 billion in deferred tax liability associated with unremitted earnings implies it can benefit "significantly" versus its peers in the event of a repatriation tax holiday.
M&A
Finally, Pfizer's management team is committed to leveraging its global infrastructure and strong cash flow to "enhance financial prospects" through M&A deals, the analyst also stated. However, there is a risk that the company could overpay for potential M&A deals.
Analyst Prescribes Neutral Rating For Pfizer Shares
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