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Buy Pfizer; target of Rs 3100: Centrum

September 12
21:25 2018

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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