Is Pfizer Stock a Buy in 2024?
If you're in the process of rebalancing your portfolio, you might be considering buying (NYSE: PFE) stock. After all, the drugmaker pays a sizzling 5.92% dividend yield, its shares trade at under 13 times forward earnings, and it has a robust clinical pipeline, with 83 programs in development. Pfizer's recent acquisition of Seagen also puts it in the top tier of antibody-drug conjugate manufacturers, a space forecast to grow by double digits over the next five years.
However, Pfizer is also coming off a bad year, commercially speaking. The company's COVID-19 product sales underwhelmed investors and some new product launches -- such as its respiratory syncytial virus vaccine, Abrysvo -- missed internal sales targets. With this brief background in mind, here are two reasons to consider buying shares of the pharma titan, and one reason it might be wise to stick to the sidelines.
Image source: Getty Images.
Source Fool.com
Pfizer Inc. Stock
The stock is one of the favorites of our community with 32 Buy predictions and 4 Sell predictions.
As a result the target price of 41 € shows a very positive potential of 55.19% compared to the current price of 26.42 € for Pfizer Inc..
