Will Pfizer's Stock Bounce Back in 2024?
Pfizer (NYSE: PFE) had a disastrous 2023, with its share price collapsing by 44%. It was one of the S 500's worst-performing stocks last year. The company's COVID-19 revenue nosedived as the demand for vaccinations waned, and the drugmaker can no longer count on that being a strong growth driver for the business.
But with such a beaten-down valuation and Pfizer back to trading at 2020 levels, has the stock become too cheap of an investment to pass up? Is it only a matter of time before its shares rally again? What will happen this year?
The big reason Pfizer's stock could do well this year is its valuation. After such a bad showing in 2023, there's a possibility that the markets and investors were overly punitive on the stock and overreacted to the company's struggles. After all, a slowdown in revenue was expected as concerns related to the pandemic subsided.
Source Fool.com
Pfizer Inc. Stock
The stock is one of the favorites of our community with 28 Buy predictions and 4 Sell predictions.
As a result the target price of 41 € shows a positive potential of 45.0% compared to the current price of 28.28 € for Pfizer Inc..