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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: David G who wrote (5135)	8/25/1998 7:21:00 AM
From: James Baker	Respond to of 9523

David G: Have you heard of a growth company by any chance? They can even be as large as PFE. Ignore the high P/E. >>>>>>>>>>>>> Buyers at 121 were thinking the same thing. They are just so happy to have owned this great growth company for the last several months. PE does matter eventually. That is why the 150 stock price for this year is starting to look like pie in the sky hope NOT reality. Even the greatest companies can become overpriced on hype and only growing their earnings into the inflated price will all further stock gain. Buying at 100-105 for a long term investor will prove to be very rewarding, but don't expect 30-40%/yr gains any more. The stock price is actually likely to gain less than the earnings growth as the PE backs off to more reasonable levels for a company growing at 18-22%/yr over the long term. Jim