Wells Fargo analyst Mohit Bansal downgraded Pfizer to Equal Weight from Overweight with a price target of $50, down from $54. Bansal thinks an earnings down-revision cycle is coming in the near-term and sees margin pressure on the core business due to increased investments in new launches. While he thinks the company could have an attractive long-term profile, the analyst thinks a "COVID reset" may be needed before the stock could work again.
Published first on TheFly
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