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Pfizer (PFE) Stock Lower, BMO Capital Downgrades on Q3 Results

NEW YORK (TheStreet) -- Shares of Pfizer (PFE) were down in mid-morning trading on Wednesday as BMO Capital reduced its stock rating to "market perform" from "outperform" after the company yesterday posted lower-than-expected earnings for the 2016 third quarter and cut its full-year earnings forecast.

The firm also lowered its price target to $33 from $40 on the stock.

BMO analysts said there's increased uncertainty about Pfizer's pipeline and they don't see many significant catalysts to "meaningfully offset" expected headwinds.

Argus cut Pfizer's stock rating to "hold" from "buy," citing the company's reduced outlook for...