According to UBS, the time has come to put an end to Pfizer. Analyst Colin Bristow cut the stock to neutral from buy and lowered his price target, citing weak Covid expectations and a sluggish pipeline for new products. “We are downgrading PFE to Neutral and reducing our PT to $47 (from $55), with the key drivers of the move being: 1) the need to lower estimates for the COVID franchise (Paxlovid/Comirnaty) and We lack confidence in the potential growth ’23 COVID trough,’ Bristow wrote in Thursday’s note. “2) While PFE’s pipeline has several shots on target, late stage assets (RSV, etc.) already on the Street est and it is premature to assign value to the first stage assets (TTI-622, etc.). With at least de-risking catalysts to facilitate this over the next 12 months,” Bristow said. Pfizer shares have fallen more than 12% this year on hopes that the number and severity of Covid cases will stabilise. Meanwhile, according to the note, the US has “enough” Paxlovid supplies to cover demand through 2023. At the same time, UBS noted no “meaningful changes” to its pipeline projections for Pfizer following the firm’s R&D day. The analyst expects Pfizer’s business development for the stock to drive further long-term growth as it pivots away from its COVID product line. But, he added, “the cadence and quality of future deals remains to be anticipated.” The analyst cut his price target from $55 to $47. The new target is in line with where Pfizer shares closed Wednesday at $44.66. The stock was down 0.6% in Thursday’s premarket trading. Bristow Wrote, “While we see minimal downside from here, lack of catalyst (see inside) and no further downside to COVID projections Emotion drives our stride.” —CNBC’s Michael Bloom contributed to this report.