Pfizer (PFE) is breaking out, as hoped.
As we noted on December 8, “The stock could race higher on two key catalysts. One, Pfizer and BioNTech just received US FDA Emergency Use Authorization for its BA.4 – BA.5 COVID vaccine in children under five years. Two, the US FDA also gave priority review for Pfizer RSV vaccine for older adults.” We also noted, “Technically, if the PFE stock can break above prior resistance around $51.85, where it is right now, it could test $53, even $54 a share shortly after. Keep in on radar. It could move.”
While we won’t sit and pat ourselves on the back for that, the stock did take off as expected. In fact, PFE is now up to $53.15—our initial price target. From here, we’d like to see PFE closer to $60 – especially after a Goldman Sachs upgrade to a buy rating, with a price target of $60 from $47. Better, Pfizer announced that its potential revenue from vaccines could jump to a range of $10 billion to $15 billion over the next eight years.
Other analysts like the PFE stock, as well.
As we also noted on December 8, “Credit Suisse analyst Trung Huynh initiated coverage of Pfizer with an Outperform rating and $55 price target. Pfizer has been ‘impacted adversely’ following its COVID vaccine success, but his Outperform thesis is not predicated on a single asset, but a combination of pipeline advances that support growth,” as noted by TheFly.com.