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Following Pfizer's Q2 Results, Citi Says Investors Remain Focused On Potential Breakup

Following Pfizer's Q2 Results, Citi Says Investors Remain Focused On Potential Breakup - Pfizer, Inc. NYSE:PFE, ROCHE HLDG LTD SPONS RHHBY

Despite a second quarter earnings beat from Pfizer Inc. PFE 2.33%, Citi said investors are focusing on the potential breakup of the company by the year-end. But, Citi still views the breakup as "unlikely."

Citi, which has a Neutral rating and $37 price target on the stock, attributed Pfizer's earnings beat to lower than expected R&D and tax rate for the quarter.

"The reaffirmation of full year guidance suggests this is a phasing rather than fundamental issue," analyst Andrew Baum wrote in a note.

As such, Baum continue to prefer Buy-rated Bristol-Myers Squibb Co BMY 1.73% and Eli Lilly and Co LLY 0.08% in the US.

Among the EU majors, the analyst prefer Buy-rated AstraZeneca plc (ADR) AZN 0.8%, GlaxoSmithKline plc (ADR) GSK 0.4%, Roche Holding Ltd. (ADR) RHHBY 0.09% and Novo Nordisk A/S (ADR) NVO 2.31%.

At time of writing, shares of Pfizer fell 2.17 percent to $36.50.

DateFirmActionFromTo
Jul 2016JefferiesMaintainsBuy
Jun 2016JefferiesMaintainsBuy
Jun 2016JefferiesMaintainsBuy

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