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Pfizer (PFE) Stock Slides, Jefferies Cuts to 'Hold'

NEW YORK (TheStreet) -- Shares of Pfizer (PFE) were declining in pre-market trading on Thursday after Jefferies lowered its rating on the stock to "hold" from "buy" due to a lack of catalysts.

The firm cut its price target to $36 from $39 on shares of the New York City-based biopharmaceutical company.

The factors driving Jefferies's previous "buy" rating have played out or failed to materialize, the firm said.

Additionally, M&A risk over the next 12 months has increased, Jefferies claimed.

"Whilst management may find attractive targets to acquire, we...