Jefferies thinks its time for investors to go long on Pfizer . The firm upgraded the pharmaceutical stock to purchase from hold in a Monday note and increased its price goal to $39 per share from $38. Jefferies’ forecast calls for roughly 21% upside from Friday’s $32.11 close. Analyst Akash Tewari said that while the bank has been critical on Pfizer for much of 2023, it’s now taking a a long-term view on the stock after the corporate cut its full-year guidance last week. This might could present a horny buying opportunity into the name, he said. “[A]s we stare within the face of one other 12 months of macro uncertainty and a looming recession, we predict it is time to flip to long on PFE, post its Friday COVID guidance cut + $3.5Bn cost reduction plan,” Tewari said. “In our view, PFE has some of the intriguing catalyst paths over the subsequent yr in large cap pharma and trades ~15% below where it traded at the beginning of the COVID pandemic.” The analyst added Pfizer has already presented “a formidable innovation framework” that has helped the corporate adapt to healthcare headwinds, which underpinned the bullish long-term view. “Throughout the pandemic, Pfizer in collaboration with Biontech rolled out COVID vaccines in a historical timeframe. Pfizer’s COVID antiviral Paxlovid also helped the fight against the pandemic,” he said. “We’re closely monitoring how Pfizer goes to maneuver itself within the post-COVID world, especially with a sustainable pricing of COVID products to make sure a wider access.” Pfizer has slumped greater than 37% this 12 months. It has also dropped 45% since 2021, the 12 months it surged 60% on enthusiasm around the worldwide economy reopening following the Covid-19 lockdowns. PFE YTD mountain Pfizer stock YTD — CNBC’s Michael Bloom contributed to this report.
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