UBS downgrades Pfizer, says COVID estimates need to drop

UBS analyst Colin Bristow downgraded Pfizer to Neutral from Buy with a price target of $47, down from $55. COVID estimates for Pfizer still need to come down and the company’s pipeline upside is minimal in the near- to mid-term, the analyst tells investors in a research note. While Pfizer’s pipeline has a number of shots on goal, the late stage assets are already in Street estimates and it is too premature to assign value to the earlier stage assets, contends UBS. The analyst sees "minimal de-risking catalysts to facilitate this over the next 12 months." The firm sees minimal downside from here for the shares, but adds the lack of catalysts and potential for further downside to COVID estimates drives the downgrade.