Goldman Sachs analyst Chris Shibutani upgraded Pfizer to Buy from Neutral with a price target of $60, up from $47. Positive updates from the company’s pipeline, and the potential for outperformance from the commercial new product launch portfolio over the course of the coming year, can drive "meaningful upside" to the value ascribed to Pfizer’s base business, Shibutani tells investors in a research note. The analyst believes there is a "sufficiently lessened degree of uncertainty" regarding dynamics that will impact Pfizer’s COVID-19 franchise, and the "trough sales" scenarios for the portfolio do not present "thesis-changing downside." Shibutanialso has "heightened confidence" that the company’s pursuit of continued strategic business development, in particular with acquisitions, will augment the scope and scale of its "late-decade revenue profile."
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