Shares of Pfizer Inc. surged 1.3% in morning trade Wednesday toward a 13-month high, after the drug maker was upgraded at Morgan Stanley, which cited valuation following “a long period of middling performance.” The stock was the biggest percentage gainer within the Dow Jones Industrial Average . The 46-cent price gain added about 3 points to the Dow’s price, which was up 1 point. Analyst David Risinger raised his rating to overweight from neutral, and boosted his price target to $39 from $35. “Following underperformance, we believe [Pfizer] shares are poised to outperform given global rollout of #1 growth driver Ibrance, the stock’s favorable risk-reward and M&A optionality,” Risinger wrote in a note to clients. He expects breast cancer treatment Ibrance to maintain its first-to-market advantage, given competitors’ safety issues. He said prospects of tax reform in the U.S. gives the company additional acquisition options. The stock has gained 10.5% year to date, while the SPDR Health Care Select Sector ETF has run up 18.9% and the S&P 500 has climbed 12.0%.
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