Bernstein lowered the firm’s price target on Pfizer (PFE) to $30 from $32 and keeps a Market Perform rating on the shares. The firm notes Pfizer reported Q4 earnings reflecting stabilized COVID revenue and continued pipeline advancements. Bernstein is pleased to see Pfizer’s commitment to enhancing R&D productivity and reducing R&D expenses through prioritizing 4 key R&D engines. However, the firm waits to see real evidence over the course of 2025 in this strategy being realized and the outcomes of the decisions that are being made before it can become more positive on the stock.
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