Pfizer price target lowered to $36 from $42 at Truist

Truist lowered the firm’s price target on Pfizer (PFE) to $36 from $42 and keeps a Buy rating on the shares. Pfizer provided lower than expected 2024 guidance, driven largely by management’s conservative $8B Covid-19 product forecast, but Truist sees longer-term growth from investment in oncology with the Seagen (SGEN) acquisition, the analyst tells investors in a research note. The firm believes antibody-drug conjugates are another pillar of medicine in oncology and Seagen provides Pfizer with an array of “proven and promising” candidates.