Credit Suisse analysts recently changed their recommendation for Pfizer's stock from "Outperform" to "Neutral." They also lowered the price target for the stock from $47 per share to $40 per share. This new price target indicates a potential decrease in value of about 15%. As a result of this news, Pfizer's shares were down by 0.7% in pre-market trading on Thursday.
The analysts at Credit Suisse expressed some worries about Pfizer. They believe that Pfizer might face uncertain times ahead and might have few new products in the pipeline that could drive its growth. Instead, they see better growth prospects among other major pharmaceutical companies in the United States. The analysts specifically mentioned two concerns: first, they are less confident about Pfizer's guidance for COVID vaccines in the medium to long term, and second, they have doubts about the successful launch of Pfizer's RSV vaccine, which they describe as a "show-me launch story."
Despite the fact that Pfizer's stock is considered to be reasonably priced, analysts still downgraded it. They expected the stock to perform better this year due to positive developments in its pipeline and business development (BD) activities. However, these anticipated catalysts did not materialize as expected. The analysts find it challenging to change investor sentiment towards the stock, especially considering the uncertainties related to the pricing of COVID products in the market, limited BD activities, and a lack of significant upcoming events that could drive the stock's performance. The analysts concluded that they would need to see Pfizer's management deliver on their ambitious expectations regarding sales from their pipeline, COVID-related products, and flu vaccines in order to regain confidence in the stock.
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