Pfizer price target lowered to $45 from $49 at BMO Capital

BMO Capital analyst Evan Seigerman lowered the firm’s price target on Pfizer to $45 from $49 and keeps an Outperform rating on the shares ahead of the Q2 results. Pfizer is entering a post-Covid air pocket, while sentiment remains challenged on pipeline and M&A uncertainty, the analyst tells investors in a research note. The firm expects a negative reaction to the Q2 print as uncertainty is fully priced in, but feels that overly negative sentiment presents a favorable risk/reward setup.