| 2016-10-13 06:07:03|
PFE, ABBV… 06:07 10/13 10/13/16
Pfizer downgraded to Hold from Buy at Jefferies
Jefferies analyst Jeffrey Holford downgraded Pfizer (PFE) to Hold citing a lack of positive catalysts. The analyst says the drivers for his upgrade to Buy have either played out or have not materialized, namely an inversion or GEP unit separation. To reflect the infusion business disposal and weaker Ibrance trends, Holford cut his mid-term earnings estimates for Pfizer by up to 7% and cut his price target for the shares to $36 from $39. The stock closed yesterday down 6c to $33.07. The analyst also sees increased risk of a major acquisition occurring over the next 12 months. In the global pharma space, Holford lists AbbVie (ABBV), Eli Lilly (LLY), Novartis (NVS) and AstraZeneca (AZN) as his top picks.