Update (9:55 a.m.): Updated with Tuesday market open information.

NEW YORK (TheStreet) -- Jeffries upgraded Pfizer  (PFE - Get Report) to "buy" from "hold" and set a target price of $38. The firm believes that Palbociclib is under-appreciated and also notes that restructuring should increase operational efficiency and improve the tax structure.

The stock was rising 3.1% to $31.55 shortly after the market opened on Tuesday.

TheStreet Ratings team rates PFIZER INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate PFIZER INC (PFE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."