Pfizer’s Price Target Raised at JP Morgan (PFE)

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JP Morgan reported on Friday that they have increased estimates for global biopharmaceutical company, Pfizer Inc.( PFE ).

The firm reported that they have reaffirmed an "Overweight" rating for PFE, and have increased the company's price target from $28 to $29. This price target suggests a 13% increase from the stock's current price of $25.23.

An analyst from the firm commented, "Following last week's phase II data for PD-991 in breast cancer and further feedback from physicians, we believe the product represents the most promising of Pfizer's next-generation pipeline assets, and we are incorporating it into our model. We see PD-991 as a multi-billion product opportunity, addressing a large segment of the breast cancer market (first-line advanced/metastatic HER2-/ER+) with few treatment options. More broadly, we believe PFE shares remain positioned to outperform as the company continues with its business unit divestiture process, returns significant capital to shareholders, and enters an attractive new product launch cycle."

Pfizer shares were mostly flat during premarket trading Friday. The stock is up 17% YTD.

The Bottom Line
We have been recommending shares of Pfizer ( PFE ) since Mar.2, when the stock was trading at $21.49. The company has a 3.47% dividend yield, based on last night's closing stock price of $25.33.

Pfizer Inc.( PFE ) is a "Recommended" dividend stock at this time, holding a DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: PFE

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