NEW YORK (TheStreet) -- Pfizer (PFE) ticked upward Wednesday after Goldman Sachs tagged a "buy" rating on the stock and set a $35 price target after the pharmaceutical giant dropped its $117 billion takeover bid for AstraZeneca (AZN).
The firm cited a "significant gap" between the current value and fair value of the share price.
"PFE has a significant cash position and [balance sheet] optionality and will likely use it to fill in gaps in growth through M&A," Goldman Sachs wrote in a research note. The firm added Pfizer's leadership "will do what it takes to unlock value, be it a break-up, M&A or whatever drives the most value."
Must Read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. The stock was up 0.34% to $29.71 at 1:58 p.m. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts