PFE Analyst Roll-Call: 8/15/98
Listed below are the PFE ratings, 12 month target prices and recent comments from 18 analysts updated as of 8/15/98 and sorted by PFE rating.
Analysts' report should be read with caution...particularly analysts with connections to a company's investment banking. As described in the excellent book "Guerrilla Investing" by Peter Siris: "The analysts are the intelligence-gathering arm of the brokerage houses. It is easy to read their glowing reports and rush out to buy the stocks. But before you do, remember that the analysts are overwhelmingly bullish, that their bullishness is augmented by the fees from investment banking, and that brokerage house ratings are of extremely limited value."
Have PFun!
BigKNY3
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PFE Analyst Roll Call: 8/15/98
Strong Buy/Outperform
Broker: Gruntal & Co.
Analyst: David F. Saks
PFE Rating: Strong Buy
Target Price: $148
Comments:
7/24/98 PFE@111 5/8: " PFE made it clear that they are a powerhouse marketer and going to get stronger".
7/10/98 PFE@115 5/8: "Viagra sales will approach $1 billion this year and possibly $8 billion at peak (2005)....PFE just blew us out of the water. And we haven't seen the impact yet of the international market where Viagra won't be sold for several months."
Broker: Schroder & Co.
Analyst: Jami Rubin
PFE Rating: Outperform
Target Price: $130
Comments:
7/10/98 PFE@115 5/8: "PFE's high P/E multiple, makes it vulnerable to any disappointments, but weakness creates a great long-term buy opportunity."
Broker: Morgan Stanley Dean Witter
Analyst: Paul A. Brooke
PFE Rating: Outperform
Target Price: $122
7/16/98 PFE@117 "PFE remains a stock investors want to own, based on rising expectations for Viagra and Lipitor, the expected 1999 launch of Celebra, and the fact that the company's sustainable growth rate should remain in the 20% area."
Broker: EVEREN Securities
Analyst: Jeffrey Kraws
PFE Rating: Outperform
Target Price: $127 (Intermediate) $135 (Long-term)
7/27/98 PFE@113 1/2 "Given the strength of PFE's current product line, as well as prospects for a very solid pipeline going forward, we believe PFE could achieve EPS $$2.27 this year, which is ahead of street consensus of $2.12."
Buy/Attractive
Broker: Salomon Smith Barney
Analyst: Christina Heuer
PFE Rating: Buy
Target Price: $155
Comments:
7/24/98 PFE@113 1/2 "PFE has been volatile in 2Q98 as Viagra Rxs decreased and Zeldox failed to win FDA approval. We view this as a buying opportunity."
7/03/98 PFE @107 1/2: "Zeldox is not dead yet. But the drug is in limbo until PFE discloses the results of its pow-wow with FDA. Best case: delayed 6-18 months while PFE generates additional data or re-analyzes current data. Worst case: Zeldox is never approved by FDA."
Broker: Gerard Klauer Mattison
Analyst: Cynthia A. Beach
PFE Rating: Buy
Target Price: $140
Comments:
7/10/98 PFE@115 5/8: "PFE's robust pipeline of new products is expected to provide earnings growth well into the next decade, but much of PFE's current price is based on anticipated significant sales of Viagra."
Broker: Warburg Dillon Read Inc
Analyst: Jerome R. Brimeyer
Date: 7/10/98
PFE Rating: Buy
Target Price: $135
Broker: NationsBanc Montgomery Securities
Analyst: Leonard S. Yaffe MD
PFE Rating: Buy
Target Price: $132
Comments:
8/10/98:PFE@103 1/2: "We continue to believe that Cox-2's will eclipse the potential of other recent blockbusters including Celebra. If Celebra was filed on schedule, we note that priority review would represent upside potential of about $0.05 to our PFE model."
7/14/98 PFE@118 11/16: "With its aggressive near-term investment, impressive line of differentiated products, minimal patent exposure and strong pipeline, PFE has among the best fundamentals in the pharmaceutical industry and tremendous earnings potential."
7/10/98 PFE@ 115 5/8: "The drug of the year is Viagra, but PFE has in hand what should be next year's drug of the year (Celebra). (Earnings) were driven by Viagra, which beat our estimates by a couple of million $."
Broker: J.P. Morgan Securities
Analyst: Carl J. Seiden
Date: 7/10/98
PFE Rating: Buy
Target Price: $131
Comments:
8/10/98 PFE@103 1/2: "Viagra new Rxs have still not reached their trough. However, Refills remain strong and were up 2%...The absolute number of Viagra Rxs are still very strong.. Assuming new Rxs will stabilize at present levels and grow modestly from there and assuming refills grow to 150% (83% at present) of new Rxs, then US Viagra sales would aggregate $0.7B in 1998- still somewhat above our Viagra estimates."
7/10/98 PFE@ 115 5/8: "PFE is best in industry".
Broker: Merrill Lynch
Analyst: Steven C. Tighe
PFE Rating: Buy: Near-term and long-term
Target Price: Unknown
Comments:
7/10/98 PFE@ 115 5/8: "Viagra sales were better than expected....It is likely Celebra will receive expedited review with a launch as early as 1/99.....The company's expectation is Viagra will be introduced in 50 countries by the end of the year."
Broker: A.G. Edwards
Analyst: Kenneth R. Nover
PFE Rating: Buy
Target Price: Unknown
Comments:
7/13/98: PFE@118: "We currently recommend investors to overweight drug stocks...As the strongest large-market capitalization drug stock, we recommend PFE."
Broker: PaineWebber Inc.
Analyst: Jeffrey Chaffkin
Date: 7/10/98
PFE Rating: Attractive
Target Price: $130
Hold/Neutral/Market Perform
Broker: BT/ Alex. Brown
Analyst: Barbara Ryan
PFE Rating: Market Perform
Target Price: Unknown
Comments:
7/24/98 PFE@113 1/2: "We are maintaining our rating due to the current high valuation and our uncertainty over Viagra Rx trends long-term. Our 1998 EPS estimate is $2.10.
7/10/98 PFE@ 115 5/8: "To date, we have admittedly been wrong and missed the stock, but do believe that these next couple weeks/months of Viagra Rxs will be the key focus of investors to see the sustainability of the product. If Viagra continues to perform and exceed expectations, we expect estimates to continue to rise, however, if there is a continued slowdown, investors beware."
Broker: Furman Selz
Analyst: James Flynn
PFE Rating: Hold
Target Price: Unknown
Comments:
7/10/98 PFE@ 115 5/8: "We do not recommend over-weighted PFE positions at this time given the prevalence of highly enthusiastic earnings expectations, management's more cautionary guidance, the present growth curve of Viagra and the company's already generous valuation...Third quarter Viagra sales will come in less than $100 million."
7/07/98 PFE@109 7/16: "Consider our present peak Viagra estimate of $2 billion (2002) to be potentially high".
Broker: Brown Brothers Harriman
Analyst: Michael Krensavage
Date: 7/10/98
PFE Rating: Neutral
Target Price: Unknown
Comments:
7/10/98 PFE@ 115 5/8: "The question is how much reuse will (Viagra) get.The bottom line is that it's a highly effective drug."
Broker: HKS & Co
Analyst: Hemandt Shah
PFE Rating: Neutral
Target Price: Unknown
Comments:
7/10/98 PFE@ 115 5/8: "PFE is doing well across the board..(Viagra ) had just a phenomenal performance. Certainly, Viagra will continue to grow. The real question is by how much."
Broker: Lehman Brothers
Analyst: Butler
PFE Rating: Neutral
Target Price: Unknown
Comments:
7/17/98 PFE@ 117 13/16: "With several blockbusters and relatively few patent expirations, PFE has become a premier pharmaceutical company, however at 46 times 1999E EPS, we feel PFE is fully valued."
Ratings Unknown
Broker: Global Securities
Analyst: Marcel Brichon
Date: 7/07/98
PFE Rating: Unknown
Target Price: Unknown
Comments:
7/07/98 PFE@109 7/16: "PFE's a great hold for all its other products..Once the hesitancy (over Viagra) comes out of the marketplace, I expect strong growth."
Broker: Bear Stearns
Analyst: Shevick
PFE Rating: Unknown
Target Price: Unknown
Comments:
7/21/98 PFE@117 15/16: "Viagra is expected to receive EU marketing authorization in 9/98."
7/10/98 PFE@ 115 5/8: "Viagra Rxs appear to be stabilizing and two year acceleration of Viagra's approval/launch in Japan, we consider to be a significant positive."
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