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Last Updated : Sep 18, 2018 01:02 PM IST | Source: Moneycontrol.com

Buy Pfizer; target of Rs 3100: Centrum

Centrum recommended hold rating on Pfizer with a target price of Rs 3100 in its research report dated September 10, 2018.

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Centrum's research report on Pfizer


We downgrade Pfizer to Hold from Buy rating and retain our TP of Rs3,100 (earlier Rs2,900), based on 23x March’20E EPS of Rs134.6 due to its rich valuations. Pfizer share price has moved rapidly in the recent past necessiting the rating revision. We attended AGM of Pfizer and came out with a positive outlook. We expect the company to deliver superior performance due to strong growth in its major brands. Recently, the company launched new line extension Corex-T and Corex LS. Pfizer has launched Meronem and Neksium in India, which are acquired from Astra Zeneca Pharma. The key downside risk to our assumption is slowdown of domestic pharma market and additional brands coming under price control.


Outlook


We downgrade Pfizer to Hold from Buy rating and retain our TP of Rs3,100 (earlier Rs2,900), based on 23x March’20E EPS of Rs134.6 due to its rich valuations.


For all recommendations report, click here


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First Published on Sep 12, 2018 04:13 pm
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