Citigroup analyst Andrew Baum downgraded Pfizer (PFE) to Neutral citing the stock's "strong" relative outperformance this year. Buam prefers prefer Eli Lilly (LLY), which he upgraded this morning to Buy, and Bristol-Myers (BMY) among large-cap U.S. Pharmaceuticals. He keeps a $37 price target for Pfizer shares.
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Reports Q1 revenue $11.9B, consensus $11.46B. "We had a good start to 2024, with revenue growth, important advances in our pipeline and the closure of several strategically important transactions. Our focus remains on strengthening the company's long-term growth profile. As a part of our continued evolution, we're executing a strategic productivity initiative that will allow us to be more agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to get the most promising medicines to patients as quickly as possible," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "