Pfizer price target lowered to $29 from $31 at UBS

UBS lowered the firm’s price target on Pfizer (PFE) to $29 from $31 and keeps a Neutral rating on the shares as part of a broader note on the U.S. Pharmaceuticals and Biotechnology industry. The firm believes BioPharma will find it difficult to outperform against a more uncertain macro backdrop in the short-term, and thinks President-elect Trump will be capable of enacting significant legislative change, and that unpredictability is expected to cast a shadow over the space, the analyst tells investors in a research note. There will be continued uncertainty in the space until there is more clarity on Trump’s changes, UBS says.