Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Analyst Actions: Pfizer, Wyeth, Lennar


From Standard & Poor's Equity ResearchCITIGROUP SAYS PFIZER-WYETH DEAL MAKES STRATEGIC SENSE

Citigroup analyst John Boris says Pfizer (PFE) needed a large scale acquisition to address its 2011-2013 patent cliff.

Boris sees Pfizer and Wyeth (WYE) as making strategic and financial sense for shareholders, contingent on WYE shareholders getting $50 a share. He says PFE shareholders would also benefit, as its operations would gain much needed scale to navigate its patent cliff.

He figures earnings for the combined company improve to $2.75-$2.85 in 2012 from $2.18 for PFE stand alone. He has a $20-$24 per share target, based on 9-11 times mid-point of that EPS range, discounted back three years.

CITIGROUP UPGRADES LENNAR TO BUY FROM HOLD

Citigroup analyst Josh Levin says the recent sell-off in Lennar (LEN) share following allegations of fraud and improper behavior made by Barry Minkow and the Fraud Discovery Institute (FDI) is overdone. He notes since the allegations were made, LEN is down about 40%, vs. peer group off 19%.

Levin sees LEN rebounding in the near-term on three catalysts: 1) expects LEN to release enhanced disclosure on its joint ventures; 2) sees reasonable chance LEN will force a positive settlement in its libel suit vs. Minkow/FDI; 3) sees company making a more concerted effort to meet with investors.

He has an $11 price target on the stock.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus