JP Morgan reported on Friday that they have increased estimates
for global biopharmaceutical company, Pfizer Inc.(
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 (
) 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.
) is a "Recommended" dividend stock at this time, holding a
Dividend.com 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
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