Pfizer cost reduction program a positive for the shares, says BMO

BMO Capital analyst Evan Seigerman reiterated an Outperform rating and $36 price target on Pfizer after the company announced that it is launching a multi-year program to reduce its cost of goods sold. The firm sees the announcement as positive for the shares and inline with commentary it recently heard from management, as the company appears set to strengthen the P&L over the long-term. While investors generally remain skeptical of the evolution of Pfizer post-COVID, BMO appreciates the intentional approach of improving the cost-basis as new revenue sources flow in.