How is That Helpful?

Yesterday came news that Merrill Lynch downgraded Pfizer. Is David Risinger correct? Are Pfizer's shares less attractive now, with a 27 handle than they have been for months back when the stock was in the $30's? I first wrote, negatively, about Pfizer in May when the stock was around $35. My logic was that it needed, because of its size, to produce too many blockbuster drugs every year to grow revenue and as one of only a few company's with a market cap bigger than $100 billion it was unlikely to lead until toward the end of a bull market cycle (top down historical stuff).

This still seems very obvious to me. At $27, however, I gotta believe there is a lot risk here than at $35.

I view my thoughts about Pfizer as very basic and big picture. At some point Pfizer will lead big pharma again and chances are I will miss the turn, which is ok.

For yesterday's downgrade to make sense, the analyst has to believe the stock will continue to lag but missing the last 20% down makes it tough for me to think he has a handle on it.