Wells Fargo lowered the firm’s price target on Pfizer to $28 from $35 and keeps an Equal Weight rating on the shares. The firm says that 2024 EPS guidance not only reflects conservative COVID expectations but also lower than expected outlook for base business, margins, and SGEN dilutive impact. As Pfizer focuses on executing on new launches, the stock could be a work in progress in 2024, Wells adds.
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