Citi keeps a Neutral rating on Pfizer (PFE) with a $30 price target following a transfer of coverage. The shares have underperformed over past year due to concerns around the Inflation Reduction Act and key products, which has attracted activist interest, the analyst tells investors in a research note. The firm says that In light of these events, commercial execution of newly launched products is key. It is bullish on the Seagen deal, but less optimistic that newly launched products can offset Pfizer’s loss of exclusivity erosion.
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