11:15 AM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our target at $28, 10.4x our 2025 EPS, below PFE's historical forward P/E average. We raise our 2024 EPS estimate to $2.31 from $2.22 and reduce 2025's to $2.70 from $2.73. Q1 EPS of $0.82 versus $1.23 beat the consensus estimate by $0.31 due to better-than-expected gross margin performance (+530 bps Y/Y). Q1 revenues of $14.9 billion fell by 20% Y/Y, but were a solid $956 million above consensus, largely due to the $771 million adjustment to the non-cash Paxlovid revenue reversal. Broadly in line with expectations, Covid-19 vaccine revenues were down 88% Y/Y due to difficult comps related to sharp sales reversals Y/Y, which we no longer expect to be significant in Q2 and Q3. Stronger-than-anticipated sales from the Prevnar vaccines (+7% Y/Y) and key drugs Vyndaqel (+66% Y/Y) and Eliquis (+10% Y/Y) partially offset this decline. We continue to see limited catalysts to significantly boost the top line and now expect top-line sales growth of 4% Y/Y for 2024 and a modest 2.3% Y/Y rise for 2025.