JPMorgan sees ‘fairly limited downside’ in Pfizer after 2023 selloff

JPMorgan sees “fairly limited downside” for Pfizer shares at current levels following the weakness year-to-date. The firm sees the company’s core earnings in the $2.60 per share range for 2024 and growing to $3.00 later in the decade. This coupled with several dollars of value from the COVID business “supports a floor to valuation,” the analyst tells investors in a research note. At the same time, JPMorgan does not see a clear path for shares to recover with limited potential for significant earnings upside in the near term and few new launch/pipeline readouts that could drive significant multiple expansion. It keeps a Neutral rating on Pfizer with a $34 price target.