Pfizer (NYSE:PFE) Price Target Raised to $33.00 at Morgan Stanley

Key Points

• Morgan Stanley has raised its price target for Pfizer (NYSE:PFE) from $32.00 to $33.00, indicating a potential upside of 37.13% from its current stock price.
• Pfizer's stock recently traded down 2.8%, reaching $24.07, with an average target price of $28.39 across analysts.
• The company reported Q2 earnings per share of $0.78, beating estimates, and had revenue of $14.65 billion, reflecting a 10.3% year-over-year increase.

Pfizer (NYSE:PFE - Get Free Report) had its price target raised by equities researchers at Morgan Stanley from $32.00 to $33.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the biopharmaceutical company's stock. Morgan Stanley's target price would suggest a potential upside of 37.13% from the company's current price.

PFE has been the topic of a number of other research reports. Redburn Atlantic lowered their price target on Pfizer from $29.00 to $27.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Leerink Partners cut their price objective on Pfizer from $28.00 to $26.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 30th. BMO Capital Markets dropped their target price on Pfizer from $36.00 to $30.00 in a report on Thursday, April 17th. Wolfe Research lifted their price objective on shares of Pfizer from $22.00 to $23.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 30th. Finally, Jefferies Financial Group upped their price objective on shares of Pfizer from $32.00 to $33.00 and gave the stock a "buy" rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Pfizer currently has an average rating of "Moderate Buy" and an average target price of $28.39.

Pfizer Trading Down 2.8%

PFE stock traded down $0.69 on Wednesday, reaching $24.07. The company's stock had a trading volume of 36,422,616 shares, compared to its average volume of 45,866,355. Pfizer has a 12-month low of $20.92 and a 12-month high of $30.43. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.96 and a current ratio of 1.26. The business has a fifty day simple moving average of $24.39 and a two-hundred day simple moving average of $24.54. The firm has a market cap of $136.82 billion, a PE ratio of 17.44, a PEG ratio of 0.85 and a beta of 0.52.

Pfizer (NYSE:PFE - Get Free Report) last released its earnings results on Tuesday, August 5th. The biopharmaceutical company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.20. Pfizer had a return on equity of 20.33% and a net margin of 12.62%. The firm had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $13.43 billion. During the same quarter in the previous year, the company posted $0.60 EPS. The company's revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, research analysts forecast that Pfizer will post 2.95 EPS for the current year.

Hedge Funds Weigh In On Pfizer

A number of hedge funds have recently modified their holdings of the company. Capital Advisory Group Advisory Services LLC boosted its position in shares of Pfizer by 2.9% during the second quarter. Capital Advisory Group Advisory Services LLC now owns 13,542 shares of the biopharmaceutical company's stock worth $328,000 after acquiring an additional 388 shares during the last quarter. Citizens National Bank Trust Department increased its holdings in shares of Pfizer by 0.9% during the 2nd quarter. Citizens National Bank Trust Department now owns 46,103 shares of the biopharmaceutical company's stock valued at $1,118,000 after purchasing an additional 395 shares in the last quarter. Able Wealth Management LLC increased its holdings in shares of Pfizer by 2.0% during the 2nd quarter. Able Wealth Management LLC now owns 21,128 shares of the biopharmaceutical company's stock valued at $512,000 after purchasing an additional 413 shares in the last quarter. Trust Co of the South increased its holdings in shares of Pfizer by 1.5% during the 2nd quarter. Trust Co of the South now owns 29,386 shares of the biopharmaceutical company's stock valued at $712,000 after purchasing an additional 441 shares in the last quarter. Finally, Charter Oak Capital Management LLC grew its holdings in shares of Pfizer by 4.3% during the second quarter. Charter Oak Capital Management LLC now owns 10,663 shares of the biopharmaceutical company's stock worth $258,000 after buying an additional 444 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

About Pfizer

Pfizer Inc discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products in the United States, Europe, and internationally. The company offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic, migraine, and women's health under the Eliquis, Nurtec ODT/Vydura, Zavzpret, and the Premarin family brands; infectious diseases with unmet medical needs under the Prevnar family, Abrysvo, Nimenrix, FSME/IMMUN-TicoVac, and Trumenba brands; and COVID-19 prevention and treatment, and potential future mRNA and antiviral products under the Comirnaty and Paxlovid brands.

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