BofA lowers PT on Pfizer on potential tariff fear
Brokerage BofA Global Research cuts PT on drugmaker Pfizer PFE.N to $26 from $29 ahead of Q1 results on April 29
Maintains "neutral" rating on the stock
The new price target represents a 17.4% upside to the stock's last close
"Major focus expected to be on potential tariff impact, drug pricing, RFK Jr and vaccine risk, and key brand competition" - BofA
The brokerage firm expects Q1 total revenue to drop by 2% due to changes in Medicare prescription drug program known as Part D assumptions and antiviral treatment Paxlovid seasonality
BofA analysts believe PFE's long-term growth prospects are below average due to upcoming patent expiries and competitive threats
Eight of 22 brokerages rate the stock "buy" or higher, 14 "hold"; their median PT is $29.5 - LSEG data
Up to last close, PFE has fallen 17%
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