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Buy Pfizer because of its blockbuster breast cancer drug: Morgan Stanley

Pfizer shares have been lagging the market this year. But the stock's fortunes will improve, according to one big Wall Street firm.

Morgan Stanley raised its rating for Pfizer shares to overweight from equal-weight Wednesday, predicting strong performance from one of the company's cancer drugs.

"We believe investors underappreciate the global prospects for Pfizer's #1 growth driver Ibrance (breast cancer)," analyst David Risinger wrote in a note to clients. "We expect Ibrance to maintain its first-to-market advantage."