Uncertainty about the future of Covid treatments will likely hurt Pfizer in the near-term, according to analysts at Wells Fargo.
Shares of Pfizer need a reset from the Covid-19 pandemic before they will work again, according to Wells Fargo. The firm on Monday downgraded shares of the pharmaceutical giant to equal weight from overweight and trimmed its price target to $50 from $54. The new price target implies a nearly 4.5% upside from where shares closed Friday. Pfizer shed 1.5% in premarket trading following the downgrade.
Lower revenue, higher expenses Wells Fargo lowered its 2023-2025 earnings per share estimates on the company due to lower Covid revenues and higher expenses. Now, its earnings estimates are 20% to 30% below consensus. The future of Paxlovid is one of the reasons for the downgrade. "Paxlovid is an even more uncertain story as real use has been lower than expected," Bansal said.
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