TD Cowen downgrades Pfizer on lack of conviction in outlook

TD Cowen downgraded Pfizer to Market Perform from Outperform with an unchanged price target of $32. After a very challenging 2023, much pessimism appears to be reflected in the shares, the analyst tells investors in a research note. However, TD does not have much conviction in Pfizer’s outlook, which is says makes “it tough to pound the table even from these levels.” It downgraded Pfizer pending greater clarity on its growth prospects.