Jefferies starts Pfizer with a Hold on lack of visibility

As previously reported, Jefferies analyst Akash Tewari initiated coverage of Pfizer with a Hold rating and $43 price target. The company’s long-term plans are "ambitious," but the firm is skeptical about execution given what it sees as a lack of visibility. The firm’s estimates are at about $10B in risk adjusted 2030 revenues from launches in the first half of 2024 and its forecasts are below consensus on COVID revenues given what it sees as "tepid demand" for vaccines as the market shifts to commercial sales from government contracts, the analyst tells investors.