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BUZZ-BofA lowers PT on Pfizer on potential tariff fear

Reuters
Apr 21
BUZZ-BofA lowers PT on Pfizer on potential tariff fear

** Brokerage BofA Global Research cuts PT on drugmaker Pfizer PFE.N to $26 from $29 ahead of Q1 results on April 29

** Maintains "neutral" rating on the stock

** The new price target represents a 17.4% upside to the stock's last close

** "Major focus expected to be on potential tariff impact, drug pricing, RFK Jr and vaccine risk, and key brand competition" - BofA

** The brokerage firm expects Q1 total revenue to drop by 2% due to changes in Medicare prescription drug program known as Part D assumptions and antiviral treatment Paxlovid seasonality

** BofA analysts believe PFE's long-term growth prospects are below average due to upcoming patent expiries and competitive threats

** Eight of 22 brokerages rate the stock "buy" or higher, 14 "hold"; their median PT is $29.5 - LSEG data

** Up to last close, PFE has fallen 17%

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))

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