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Buy Pfizer because of its blockbuster breast cancer drug: Morgan Stanley

A logo sits on the lab coat of a technician as he works at Neusentis Ltd.'s research laboratory, a unit of Pfizer Inc.
Chris Ratcliffe | Bloomberg | Getty Images

Pfizer shares have been lagging the market this year. But the stock's fortunes will improve, according to one big Wall Street firm.

Morgan Stanley raised its rating for Pfizer shares to overweight from equal-weight Wednesday, predicting strong performance from one of the company's cancer drugs.

"We believe investors underappreciate the global prospects for Pfizer's #1 growth driver Ibrance (breast cancer)," analyst David Risinger wrote in a note to clients. "We expect Ibrance to maintain its first-to-market advantage."