Pfizer 2016 forecast disappoints
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BMO Capital Reiterates Outperform on Pfizer (PFE) Following 4Q
February 3, 2016 8:21 AM UTCBMO Capital maintained an Outperform rating on Pfizer (NYSE: PFE), and cut the price target to $39.00 (from $41.00), following the company's 4Q earnings report. Good operational revenue growth drove a 3% top-line beat. The company's better-than-expected gross margin was offset by higher opex, but the lower tax rate helped drive the bottom-line penny beat. 2016 forecasts are below consensus, but BMO believes that the Street estimates will likely come down soon.
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