Pfizer: Morgan Stanley Downgrades to Equal-Weight, PT Cut to $32.

Pfizer: Morgan Stanley Downgrades to Equal-Weight, PT Cut to $32.

On September 12, 2025, Morgan Stanley downgraded Pfizer Inc. (NYSE:PFE) to an "Equal-Weight" rating, reducing its price target from $33.00 to $32.00. This move comes amidst a mixed bag of recent developments for the pharmaceutical giant.

The downgrade follows a period of positive market sentiment, driven by the company's strategic agreements with the Trump administration, including a three-year reprieve on drug-import tariffs and a significant agreement with TrumpRx. These deals have bolstered Pfizer's outlook and attracted new investors, as evidenced by recent institutional holdings data First Merchants Corp Decreases Stock Holdings in Pfizer Inc. $PFE^[3].

However, Morgan Stanley's decision to cut its price target by $1.00 suggests a more cautious view of Pfizer's prospects. The firm's analysts cited increasing competitive pressures in specialty areas, particularly for Prevnar and Vyndamax, as a key factor behind the downgrade. They also noted that the company's earnings gap, partly due to an IPR&D charge related to its 3SBio partnership, is not fully reflected in other analysts' estimates Guggenheim reiterates Buy rating on Pfizer stock ahead of Q3 earnings^[1].

Despite these concerns, Guggenheim has maintained its Buy rating and $33.00 price target on Pfizer, highlighting the company's strong fundamentals and attractive dividend yield of 6.8% Guggenheim reiterates Buy rating on Pfizer stock ahead of Q3 earnings^[1]. The research firm forecasts Q3 2025 revenues at approximately $15.7 billion, with earnings per share projected at $0.58, slightly below consensus expectations.

Pfizer's upcoming Q3 earnings report on November 4, 2025, will be a crucial event for investors. The report is expected to provide insights into the company's progress in oncology and the impact of the tariff decision. Additionally, the company's agreement with TrumpRx, which includes offering drug discounts and committing $70 billion to U.S. manufacturing and R&D, is likely to attract new investors as the company meets its guidance.

Overall, while the market remains interested in Pfizer's potential for growth, the recent developments and strategic agreements will continue to shape the company's stock performance. Investors should closely monitor the upcoming earnings report and other key developments for further insights into Pfizer's prospects.