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Another analyst cut expectations for Pfizer (PFE) on Friday after the pharma heavyweight issued a disappointing 2024 outlook early this week. Pfizer stock is now trading at its lowest point in a decade.
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That makes 12 analysts since Wednesday to have reduced their price targets on Pfizer stock, according to FactSet. That was the day Pfizer said it expects $58.5 billion to $61.5 billion in sales next year, undercutting analysts’ expectations for $62.66 billion. The company also said to expect $2.05 to $2.25 in adjusted earnings per share, below projections for $3.13.
Leerink Partners analyst David Risinger joined the fray on Friday, lowering his target on shares to 27 from 33 while also “significantly” trimming earnings per share estimates.
Though there could be upside to 2024 earnings potential, “we continue to view long-term prospects constrained by patent expirations,” he said in a report.
Pfizer stock rose a fraction ahead to 26.43 in early trades on today’s stock market. But shares, overall, continue declining. MarketSmith.com shows Pfizer stock has closed lower each month for the past nine months.
More to follow.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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