Today, the stock is up to $38.70, where we are reiterating a buy recommendation.
For one, the company just beat earnings expectations and raised its full-year guidance.
The company posted a profit of 78 cents, which was well above estimates for 66 cents. Revenue of $11.8 billion beat estimates for $11.55 billion. Going forward, Pfizer expects to post revenue of $48.6 billion to $50.6 billion, a $100 million increase from prior forecasts. It also expects to posted adjusted EPS of $2.85 to $2.95 a share.
Better, Pfizer and BioNTech just began late-stage human trials for a COVID-19 vaccine.
As we hear more about the trials, we believe the PFE stock has the potential to move another 50% higher – especially given the demand for a useful vaccine.