NEW YORK (TheStreet) -- Shares of Pfizer (PFE) were down in mid-morning trading on Wednesday as BMO Capital reduced its stock rating to "market perform" from "outperform" after the company yesterday posted lower-than-expected earnings for the 2016 third quarter and cut its full-year earnings forecast.
The firm also lowered its price target to $33 from $40 on the stock.
BMO analysts said there's increased uncertainty about Pfizer's pipeline and they don't see many significant catalysts to "meaningfully offset" expected headwinds.
Argus cut Pfizer's stock rating to "hold" from "buy," citing the company's reduced outlook for 2016.
Argus said the downgrade also stemmed from Pfizer's "recent pipeline setbacks, prospects for increased competition, and management's decision to shelve its business separation plan," according to TheFly.
Pfizer also announced in its third-quarter results the discontinuation of its cholesterol-lowering drug bococizumab. Pfizer CEO Ian Read said in a conference call Tuesday that the company decided to stop development of the drug due to reduced efficacy over time and some tolerability issues.
Leerink trimmed its price target to $36 from $37 as a result of the company's removal of bococizumab. The firm has a "market perform" rating on the stock.
Additionally, Pfizer announced today that Chinese regulators approved marketing of its Prevenar 13 vaccine, which is used primarily among infants to prevent invasive diseases, such as pneumonia and meningitis.
(Pfizer is held in the Dividend Stock Advisor portfolio. See all of the holdings with a free trial.)
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.