NEW YORK (TheStreet) -- Shares of Pfizer (PFE) were higher in mid-afternoon trading on Tuesday, after its stock rating was upgraded to "overweight" from "equal weight" at Barclays earlier today. The firm believes the pharma company is now more likely to use overseas cash for "productive M&A and return of capital to shareholders," the note said.
The biotech stocks have been taking part in the post-election Trump rally as people expect President-elect Donald Trump to cut back on regulation in the sector and to cut the repatriation tax to 10% so businesses can use that overseas money to reinvest in themselves.
Despite the Barclays call, TIAA Global Asset Management managing director Stephanie Link prefers Allergan (AGN) over Pfizer, she said on CNBC's "Halftime Report" this afternoon.
Allergan is down over 30% YTD and is trading at 12 times forward estimates, she noted. In addition, over 50% of its products aren't "focused on the government reimbursement, and so they don't have as much pricing concern as some others."
In addition, Link likes Alexion (ALXN), which was upgraded to "overweight" from "equal weight" at Barclays this morning. This stock is also down over 30% YTD. "Alexion and Allergan are so volatile, but you've got to stay patient on both of them," Link advised.
(Pfizer is a holding in David Peltier's Dividend Stock Advisor.)
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.