Pfizer Downgraded to Hold by Credit Suisse Amid Uncertainty and Limited Pipeline Catalysts

Pfizer Inc (NYSE: PFE) has been downgraded to a Hold rating by Trung Huynh, an analyst from Credit Suisse. The analyst also lowered his price target for Pfizer from $47.00 to $40.00.

Explaining his decision to downgrade the stock from Buy to Hold, Huynh pointed to concerns about Pfizer entering a "period of uncertainty and limited pipeline catalysts." He reduced his revenue estimates for FY 2023 and FY 2030 by 1% and 4% respectively.

One factor contributing to the revised revenue estimates was Huynh's decision to lower his oral GLP-1 peak sales estimate from $6 billion to $1.5 billion. This adjustment was made after reviewing recent competitive data and taking into account Pfizer's decision to discontinue the clinical study of once-daily GLP-1 lotiglipron.

Despite the downgrade, Huynh acknowledged that Pfizer stock is currently attractively valued. However, he advised investors to first consider other major U.S. pharma stocks that offer greater growth opportunities.

Pfizer Inc specializes in the development and manufacturing of medicines and vaccines in various therapeutic areas. Their product portfolio includes cardiovascular metabolic and women's health medications under the Premarin family and Eliquis brands, as well as biologics, small molecules, immunotherapies, and biosimilars under the Ibrance, Xtandi, Sutent, Inlyta, Retacrit, Lorbrena, and Braftovi brands. Pfizer also produces sterile injectable and anti-infective medicines, along with an oral COVID-19 treatment under the Sulperazon, Zavicefta, Zithromax, Vfend, Panzyga, and Paxlovid brands. The company was established in 1849 and is headquartered in New York, NY.

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