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Pfizer price target raised to $60 from $50 at Morgan Stanley
Morgan Stanley analyst Matthew Harrison raised the firm's price target on Pfizer (PFE) to $60 from $50 and keeps an Equal Weight rating on the shares as the new COVID variant Omicron highlights the continued variant risk in an evolving pandemic. The analyst believes mRNA vaccines, certain antibody therapies and Pfizer's oral are most likely to benefit. Both Merck (MRK) and Pfizer will sell what they can make, but Pfizer's oral will likely be preferred given the more limited impact from the full Merck data and concerns around the profile of the drug, Harrison contends.