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Biotech / Medical : PFE (Pfizer) How high will it go?
PFE 25.65-0.9%Jan 16 9:30 AM EST
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To: Howard Bennett who wrote (390)12/1/1997 6:27:00 PM
From: John Wasikowski  Read Replies (2) of 9523
 
Howard,

Right you are to be cautious of PFE's high P/E.

However, no company has ever had the quality and quantity of PFE's pipeline in industry history.

Also, if you look at the 1960s and early 70's, drug stocks had p/e's of 30-40 and some analysts like Smith Barney's (who are highly rated in the drug field) suggested at the beginning of 1997 that top-notch pharma companies will return to those p/e levels based on various industry fundamentals that have changed in the last couple of years.

If you have access to Smith Barney pharma research, check it out for a full explanation.

Also, remember PFE will trend with the general market, so if the market corrects big time, so will we.

I think of this way: in five years I will look back and be very grateful that I invested in PFE in 1997. Hope that helps!

John
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