Pfizer reinstated with a Neutral at BofA

BofA reinstated coverage of Pfizer (PFE) with a Neutral rating and $29 price target Uncertainty over COVID revenue streams plus a “tough” base business outlook explain the stock’s “very low” multiple, but keeps it there, the analyst tells investors while reinstating coverage of 11 large-cap U.S. pharma and biotech stocks. The dividend yield of 6.6% likely puts a floor under shares, the analyst added.