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Jefferies downgrades Pfizer on the prospect of lower drug sales

A man walks past Pfizer's world headquarters in New York.
Andrew Kelly | Reuters

Jefferies lowered its rating for Pfizer to hold from buy, citing the potential of weaker drug sales in the coming years and the risk of over paying for acquisitions.

"We have downgraded PFE ... due to a lack of drivers/ catalysts, lowered estimates and perceived incremental M&A risk," analyst Jeffrey Holford wrote in a note to clients Thursday.