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."

STOCKS 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.

PFE Price Chart

PFE Price data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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.

If you liked this article you might like

The 6 Medications Being Used to Tackle the Opioid Epidemic

Dow, S&P 500 Set New Records as Fed Moves to Unwind Balance Sheet

Stocks In Negative Territory as Chances for December Hike Surge

The Wait for 'Milestone' Fed Meeting Keeps Stocks in Flux