Bank of America Securities Maintains a Hold on Pfizer (PFE)

Pfizer Inc. (NYSE:PFE) is one of the most undervalued blue chip stocks to buy according to hedge funds. Analyst Tim Anderson from Bank of America Securities maintained a Hold rating on Pfizer Inc. (NYSE:PFE) on July 25, setting a $27.00 price target.

The analyst based the rating on Pfizer Inc.’s (NYSE:PFE) future outlook and current market position. It reasoned that Pfizer Inc. (NYSE:PFE) is entering into a competitive avenue with its PD1-VEGF bispecific antibody, SSGJ-707, primarily because it faces competition from other major pharmaceutical companies.

The analyst reasoned that while Pfizer Inc. (NYSE:PFE) expressed confidence that its drug would hold differentiation in the market, the outcomes of the clinical trials are uncertain, and the crowded market dynamics warrant a cautious stance.

Anderson also stated concerns about Pfizer Inc.’s (NYSE:PFE) long-term growth prospects due to competitive pressures from other pharmaceutical companies and the upcoming patent expirations.

Pfizer Inc. (NYSE:PFE) is a global biopharmaceutical company that manufactures, develops, markets, and sells biopharmaceutical products worldwide. It advances wellness, prevention, treatment, and cures in developing and emerging markets.

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Disclosure: None. This article is originally published at Insider Monkey.