Pfizer (NYSE:PFE) was downgraded to Neutral from Outperform and reduced their price target to $40 from $47 by Credit Suisse analysts. They stated that with Pfizer facing uncertainty and limited pipeline catalysts, there are better growth opportunities among other major US peers.
The analysts expressed several concerns, including decreased confidence in the long-term guidance for Covid vaccines and a need for a compelling launch story for the RSV vaccine.
Despite an attractive valuation, the downgrade was driven by the absence of expected positive developments in the pipeline catalysts and business development this year. Credit Suisse believes it will be challenging to improve sentiment due to uncertainties surrounding commercial COVID pricing, reduced business development activities, and the lack of significant upcoming catalysts.