Bearish
Pfizer's stock drops 2.4% amid analyst downgrades and cost-cutting plans
Pfizer's stock declined by 2.4% following recent analyst downgrades and the announcement of a cost-cutting initiative. HSBC downgraded the stock to "Hold," citing a lack of near-term catalysts, while Guggenheim reduced its price target to $35. Additionally, Pfizer initiated a multi-year cost reduction plan targeting $1.5 billion in savings by 2027.
Key points
- HSBC downgrades Pfizer to "Hold," citing lack of near-term catalysts.
- Guggenheim lowers Pfizer's price target to $35.
- Pfizer announces cost-cutting plan aiming for $1.5 billion savings by 2027.
Sources
AI-generated from public news sources. Not financial advice.
