HSBC downgraded Pfizer to Hold from Buy with a price target of $28, down from $32. The firm lowered its view of the probability to market of sigvotatug vedotin to 40% following the Phase 3 setback in NSCLC, the analyst tells investors. With recent executive management changes and \"a paucity of short-term re-rating catalysts,\" the firm is now \"less convinced\" regarding short-term re-rating potential, the analyst added.
