Pfizer Upgraded at Goldman Sachs

Goldman Sachs has upgraded Pfizer from "Sell" to "Hold," citing an anticipated restructuring.
Publish date:

Updated from 12:07 p.m. EST

Goldman Sachs upgraded Pfizer from "Sell" to "Hold" on Monday, citing an anticipated restructuring by the New York-based drugmaker.

In a note to investors Monday, Goldman analyst Jami Rubin changed her "Sell" recommendation, issued Nov. 6, to "Hold," asserting that reorganization at Pfizer is "inevitable" given ever-increasing pressure as the company faces impending generic competition for its blockbuster cholesterol drug Lipitor.

In her note, Rubin said Pfizer's 7.8% dividend yield helps boost the share price in the short term but that the cost-cutting measures announced in January 2007 alone won't solve the company's longer-term problems.

Pfizer investors yawned at the upgrade, with the stock closing Monday's trading session down 8 cents, or 0.5% at $17.36.

Pfizer recently made the news after CEO Jeff Kindler said the drug giant was open to


large and small, prompting speculation over potential targets, including


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Gilead Sciences

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Bristol-Myers Squibb

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, among others.

This article was written by a staff member of