Why Pfizer (PFE) Stock Is Up Today

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."

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The stock was up 0.34% to $29.71 at 1:58 p.m.

PFE Price Chart

PFE Price data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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