The big pandemic breakthroughs for Pfizer should help the company fund further research in other areas and boost its stock, according to Bank of America. Analyst Geoff Meacham upgraded Pfizer shares to buy from neutral, saying in a note to clients Wednesday that the financial success of Pfizer's Covid treatments puts the company on strong footing for the years ahead. "Since 2020, investors have focused squarely on Pfizer's success in battling C-19, namely through vaccines and now oral agents. However, in 2022 we expect the Pfizer narrative to shift to the benefits of its C-19 success in the form of stepped up pipeline/portfolio investments, especially given [more than] $100B in cash generated to 2025," the note said. Pfizer shares rose 1.6% in premarket trading Wednesday The Covid-19 vaccine designed by Pfizer and partner BioNTech was the first to receive emergency use authorization in the U.S., and paxlovid, a pill that treats the virus, received the same designation in December . Bank of America said its previous cautious outlook on the stock was due to upcoming patent expirations, But the firm said that the cash flow from the Covid drugs will allow Pfizer to roll out other products or make acquisitions. "We expect a number of internal pipeline readouts to add confidence in the portfolio; some of these readouts include RSV, flu, and Lyme disease vaccines," among others, the Bank of America note said. Bank of America raised its price target on Pfizer to $70 per share from $59. The new target is 28% above where the stock closed on Tuesday. -CNBC's Michael Bloom contributed to this report.