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In the Premarket trading session on Tuesday, Pfizer’s stock was trading at 39.25- higher by 0.95% as compared to its previous close.
RBC Capital started coverage of the pharmaceutical company’s stock with an outperform rating and a $46 a share price target. The firm’s price target represents about 18% upside from its previous closing price of $38.88. RBC Capital said Pfizer’s share is its top large-cap idea in the pharmaceutical space.
The firm liked the pharmaceutical company’s best-in-class growth on its newly shrunk biopharma base following its strategic actions for its Consumer and Upjohn units. RBC Capital also expects upside for Ibrance and Vyndaqel. Pfizer is scheduled to report its quarterly earnings before the market opens on 28th January. Stocks of the pharmaceutical company declined by about 10% in the last year.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 39.18 TAKE PROFIT AT 39.44 STOP LOSS AT 39.05