UBS downgraded Pfizer Inc (NYSE:PFE) to Neutral from Buy and cut its price target to $47.00 from $55.00 on Covid-related headwinds and its view that the company's pipeline is "not quite ready for prime time."
The firm sees further downward pressure on COVID consensus estimates driven by: (1) declining/stabilizing COVID case counts and decreasing severity of variants, (2) sufficient Paxlovid inventory in the US to cover 2023 demand, and (3) uncertainty of China market outlook.
Deutsche Bank (ETR:DBKGn) downgraded Nasdaq Inc (NASDAQ:NDAQ) to Hold from Buy and cut its price target to $60.00 from $72.00 following the Q4 results announcement.
The firm believes 2023 will become a considerably more challenging year for the company than previously anticipated, due to (1) a higher expense growth trajectory than expected, (2) slower recurring revenue growth in several Solutions business due mostly to an extension of sales cycles, (3) likelihood of a more adverse impact from lower equity markets on recurring revenue than anticipated, (4) its belief that 2023 results will have negative operating leverage, and (5) non-GAAP EPS growth may be negative for the first time since 2012 and the firm doesn't foresee any revenue or expense catalysts emerging for at least the next few quarters.
Shares closed 3% higher today, slightly recovering from a nearly 6% drop yesterday due to a Q4 miss.
Wells Fargo (NYSE:WFC) downgraded Hyatt Hotels Corporation (NYSE:H) to Equal Weight from Overweight while raising its price target to $113.00 from $111.00.
Northcoast Research downgraded ManpowerGroup Inc (NYSE:MAN) to Neutral from Buy.
By Davit Kirakosyan
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