Pharmaceutical giant Pfizer Inc. ( PFE ) on Tuesday saw its shares upgraded by analysts at two major Wall Street firms.
Goldman Sachs added PFE to its prestigious "Conviction Buy" List with a $22 price target, suggesting a 32% upside to the stock's Monday closing price of $16.66. The firm cited the company's solid management team and drug pipeline catalysts in the second half of 2011 for the move.
Meanwhile, Bank of America/Merrill Lynch added PFE to its "US 1″ List, citing the stock's attractive valuation, solid dividend yield, and near-term catalysts. The analyst set a $25 price target on PFE, suggesting an even larger 50% upside.
Pfizer shares rose 24 cents, or +1.4%, in premarket trading Tuesday.
The Bottom Line
We have been recommending shares of Pfizer ( PFE ) since Mar.17, when the stock was trading at $19.30. The company has a 4.80% dividend yield, based on last night's closing stock price of $16.66.
Pfizer Inc. ( PFE ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.6 out of 5 stars.
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