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Why Pfizer Stock Popped on Tuesday

In a note out this morning, Citi raised its price target on Pfizer stock by 24%, to $57 a share, and placed the stock on a “positive Catalyst Watch,” reflecting the banker’s belief that Pfizer might go even higher. Although anxiety regarding the COVID-19 pandemic has died down a bit of late, Citi maintains what it calls an “underlying pessimistic view” about this sneaky virus and its ability to spin off new variants that can elude old vaccines. For the time being, Citi’s view is that people are feeling too complacent in the absence of “the next virulent variant,” reports TheFly.com.