Pfizer (PFE) has gone ballistic.
Since bottoming out at around $42 in October, the stock is now up to $53.33. From here, it could move even higher on an upgrade from Goldman Sachs.
The firm just upgraded PFE to a buy rating with a price target of $60 a share.
According to TheFly.com: Goldman Sachs analyst Chris Shibutani upgraded Pfizer to Buy from Neutral with a price target of $60, up from $47. Positive updates from the company’s pipeline, and the potential for outperformance from the commercial new product launch portfolio over the course of the coming year, can drive a “meaningful upside” to the value ascribed to Pfizer’s base business. Shibutani also has “heightened confidence” that the company’s pursuit of continued strategic business development, in particular with acquisitions, will augment the scope and scale of its “late-decade revenue profile.”
Even better, Pfizer sees revenue potential from mRNA vaccines coming in between $10 billion and $15 billion by the time 2030 rolls around. In short, PFE appears to be a great buy even after its latest run.
