Wolfe starts Pfizer at Underperform, notes underperformance versus peers

Wolfe Research initiated coverage of Pfizer (PFE) with an Underperform rating and $25 price target While it can be challenging to move the needle on large pharma companies, Wolfe has started to see Pfizer take action with its cost alignment program that was initiated at the beginning of the year, the analyst tells investors in a research note. Still, the firm argues the true driver of value creation for Pfizer will be revenue growth, and it doesn’t count enough mega-blockbusters in Pfizer’s new product cycle to fill the revenue hole from upcoming patent expirations.