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

To: BigKNY3 who wrote (6176)	10/30/1998 11:47:00 PM
From: BigKNY3	Read Replies (1) \| Respond to of 9523

Peabody PFE Analyst Update: 10/30/98 Part 2 of 2 Neutral or Negative Ratings (Usually Hold/Neutral/Market Perform) Broker: HKS & Co Analyst: Hemandt Shah Comments: 10/14/98: PFE@ 87.50: Rating: Unknown: "PFE would have met the Consensus if not for the surprisingly high spending in the 3Q for R&D and selling, general and admin expenses….Celebrex will be key to PFE going forward." 10/02/98: PFE@ 99.63: "We believe PFE appears to be fully valued based on its potential upside and downside risks." 7/10/98: PFE@ 115.63: Rating: Neutral: "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." 4/20/98: PFE@ 105.13: Rating: Unknown: "Viagra is going to be huge." Broker: Hambrecht & Quist Inc Analyst: Alex Zisson Comments: 10/15/98: PFE@96.38: Rating: Unknown: "PFE's strong revenue growth and solid fundamentals outweigh the earnings miss, which wasn't eye-popping". Broker: Lehman Brothers Analyst: Butler Comments: 7/17/98 PFE@ 117.70: Rating: Neutral: "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." Broker: Morgan Stanley Dean Witter Analyst: Paul Brooke Peabody Notes: Morgan Stanley does investment banking for PFE Comments: 9/04/98: PFE@99.81: Rating: Hold: Downgrade based on "ongoing shortfalls from our expectations in Viagra Rx trends….We believe PFE may underperform the drug group as the drug group outperforms the market." 7/16/98: PFE@ 117: Rating: Outperform: "PFE remains a stock investors want to own, based on rising expectations from Viagra and Lipitor, the expected 1999 launch of Celebrex, and the fact that the company's sustainable growth rate should remain in the 20% area." Target price: $122 10/10/97: PFE @ 93 : Rating: Outperform: "Product pipeline is rich and growing deeper." Target price: $77. Broker: Credit Suisse First Boston Analyst: James Kelly Peabody Notes: Investment banker for Vivus, manufacturer of MUSE that competes in the ED market. Comments: 10/14/98: PFE@ 87.50: Rating: Hold: "Pharmaceuticals sales growth remained strong. PFE's growth prospects remain robust, though the potential for downward revisions persist." 8/13/98: PFE@ 102: Rating: Hold: "We are forecasting little growth for Viagra ($1.1 B in 1998 and $ 1.7B in 1999). PFE has several products with significant growth opportunities and still one of the highest valuations in the industry. Investors are likely to remain focused on Viagra in the near term which appears to have slowed in the US and faces significant issues overseas." 4/30/98: PFE@ 112.68: Rating: Hold : Downgrade from Buy: "High expectations from Viagra are currently reflected in share price. I think the valuation is fair; I don't think it's overblown." 10/30/97PFE @71.75 Rating: Buy: "PFE's pipeline remains the richest in the industry. Phase II development contained 8 unidentified candidates, indicating the potential for additional products not yet discussed with the financial community." Broker: ING Baring Furman Selz Analyst: James Flynn Peabody Notes: " This is the one analyst who will be interviewed if the reporter wants to write a negative PFE story particularly Andrew Barry of Barrons. James Flynn will always note that Furman Selz has never conducted investment banking with PFE. Comments: 10/14/98: PFE@ 87.50: Rating: Hold: "Sales growth was higher than the Rx growth, which indicates that many products may have been oversold to wholesalers during the quarter." 8/25/98: PFE@ 106.50 Rating: Hold: "Viagra should reach $2 billion in 2,002 and that estimate is potentially high….We have always been on the more cautious side of the Viagra debate, because of all the lifestyle products that have been launched prior to Viagra." 7/10/98 PFE@ 115.63: Rating: Hold: "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@109.44: Rating: Hold: "Consider our present peak Viagra estimate of $2 billion (2002) to be potentially high". 7/01/98: PFE@108.50: Rating: Hold: "Downgraded from Buy to reflect potential risks of the company's new product pipeline…We have always been on the more cautious side of the Viagra debate, partly because of the histories of all lifestyle products that were launched prior to Viagra." Broker: Brown Brothers Harriman Analyst: Michael Krensavage Comments: 10/14/98: PFE@ 87.50: Rating: Neutral: "Basically PFE is spending to hire salespeople for the important long-term future of the company. For the stock to get crushed yesterday was very short-sighted because the long-term fundamentals of PFE bring joyous tears to my eyes. We are Neutral based on our preference for recommending drug companies with lower valuations (GLX)." 9/04/98: PFE@ 99.69: Rating Neutral: " Viagra is a good drug. But I'm reluctant to buy a stock with a new drug comes out with high expectations." 7/10/98: PFE@ 115.63: "The question is how much reuse will (Viagra) get…The bottom line is that it's a highly effective drug." 7/01/98: PFE@ 107: Rating: Neutral: "Rating was maintained based on valuation. " 3/03/98: PFE@ 87: Rating: Long-Term Market Perform: Started coverage. Broker: BT/ Alex. Brown Analyst: Barbara Ryan Comments: 7/24/98 PFE@113.50: Rating: Market Perform: "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@ 115.63: Rating: Market Perform: "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."