UPDATE: JP Morgan Raises PT to $29 on Pfizer Following PD-991 Phase II Data

JP Morgan reiterated Pfizer

at Overweight and increased its price target from $28 to $29. JP Morgan commented, "Following last week's phase II data for PD-991 in breast cancer and further feedback from physicians, we believe the product represents the most promising of Pfizer's next-generation pipeline assets, and we are incorporating it into our model. We see PD-991 as a multi-billion product opportunity, addressing a large segment of the breast cancer market (first-line advanced/metastatic HER2-/ER+) with few treatment options. More broadly, we believe PFE shares remain positioned to outperform as the company continues with its business unit divestiture process, returns significant capital to shareholders, and enters an attractive new product launch cycle." Pfizer closed at $25.51 on Wednesday.