Bank of America Securities Maintains Buy on Pfizer Inc (PFE)

Pfizer Inc. (NYSE:PFE) is one of the Best and Cheap Stocks to Buy Right Now. On September 30, Reuters reported that Pfizer Inc. (NYSE:PFE) and President Donald Trump had announced a deal to lower Medicaid drug prices in the US. The company agreed to match its Medicaid prices to those it charges in other developed countries in exchange for tariff relief on its imports.

President Trump noted that Pfizer Inc. (NYSE:PFE) will offer its most favoured nation prices on all new drugs launched in the United States, while the other drug makers are expected to follow the same. Moreover, the company will also invest $70 billion in domestic manufacturing and research. The company will receive a 3-year grace period from tariffs as long as products are made in the United States. The new Medicaid prices will be effective in 2026 and will be based on the lowest prices paid in eight other developed economies.

After the announcement, on October 1, Tim Anderson from Bank of America Securities reiterated a Buy rating on Pfizer Inc. (NYSE:PFE), with a price target of $28.

Pfizer Inc. (NYSE:PFE) is a global biopharmaceutical company that discovers, develops, manufactures, and markets medicines worldwide.

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