Truist lowered the firm’s price target on Pfizer (PFE) to $36 from $42 and keeps a Buy rating on the shares. Pfizer provided lower than expected 2024 guidance, driven largely by management’s conservative $8B Covid-19 product forecast, but Truist sees longer-term growth from investment in oncology with the Seagen (SGEN) acquisition, the analyst tells investors in a research note. The firm believes antibody-drug conjugates are another pillar of medicine in oncology and Seagen provides Pfizer with an array of “proven and promising” candidates.
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Read More on PFE:
- Pfizer’s (NYSE:PFE) Disappointing FY24 Guidance Rattles Investors
- Pfizer falls about 7% to $26.69 after providing FY24 guidance
- Pfizer says FY24 guidance includes Seagen acquisition
- Pfizer sees annual net cost savings of ‘at least’ $4B
- Pfizer sees FY24 adjusted EPS $2.05-$2.25, consensus $3.16
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