Analysts at BMO Capital Markets on Monday increased their price target on biopharmaceutical giant Pfizer Inc. (PFE).
The firm lifted its price target from $29 to $30 for PFE. This price target suggests a 10% increase from the stock’s current price of $27.01. BMO analysts maintained an “Outperform” rating on the company.
An analyst from the firm commented, “…the market has looked beyond Pfizer’s relatively weak 3Q12 results and the stock is up about 10% following 4Q12 catalysts: e.g. Tofa FDA approval and phase-3 data at ACR, FDA Eliquis approval. Unlike 3Q12, the y/y fx swing (favorable to unfavorable) should have considerably less impact in 4Q12. Overall, we believe that Pfizer will meet or exceed 4Q12 estimates. Focus will likely be on the company’s 2013 guidance and the impact of the upcoming Zoetis IPO (February 1, 2013) for about 20% of the Animal Health business.”
Pfizer shares were mostly flat during Monday morning trading. The stock has increased 25% in the past year.
The Bottom Line
Shares of Pfizer Inc.(PFE) offer a 3.56% yield, based on Friday’s closing stock price of $27.00. We have been recommending shares of Pfizer since Mar. 2, 2012, when the stock was trading at $21.49.
Pfizer Inc.(PFE) is a “Recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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