Pfizer bags Jefferies buy call after guidance cut: 5 big analyst picks

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Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed today: several Buy initiations at Instacart, and upgrades at Pfizer , Wayfair, Nice, and Nucor.

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Pfizer (NYSE:PFE) shares kicked higher Monday after analysts issued glowing notes after the healthcare giant lowered its revenue and earnings forecasts for the year, given the decline in demand for its COVID-19 treatment, Paxlovid.

Pfizer said it now sees adjusted EPS at $1.55, down from the prior guidance of $3.35. Full-year revenue is now seen at $59.5 billion, down from the previous $68.5 billion.

But some analysts, including those at Jefferies, responded favorably to the revised guidance. Jefferies notably shifted its rating from Hold to Buy with a price target of $39.00 (from $38.00), driven by several key factors: the guidance adjustment is predominantly influenced by Paxlovid, Comirnaty's performance is exceeding buy-side expectations, cost reductions totaling $3.5B make the projected EPS for 2024/5 achievable, there's a promising trajectory of catalysts for investors, and the anticipated closing of the SGEN deal further solidifies their optimistic view.

After a premarket slump, Pfizer shares were up some 5% to $33.74 in recent regular-session trading.

Wayfair (NYSE:W) shares were rising 1.6% to $48.05 pre-market today after Loop Capital upgraded the company to Hold from Sell and raised its price target of $50.00 from $25.00, as reported in real time on InvestingPro.

Last month the company was upgraded at Bernstein, which moved its rating from Underperform to Market Perform with a price target of $65.00 (from $60.00) on improving revenue growth