Jefferies thinks it is time for investors to go long on Pfizer . The firm upgraded the pharmaceutical stock to purchase from hold in a Monday note and increased its price goal to $39 per share from $38. Jefferies’ forecast calls for roughly 21% upside from Friday’s $32.11 close. Analyst Akash Tewari said that while the bank has been critical on Pfizer for much of 2023, it’s now taking a long-term view on the stock after the corporate cut its full-year guidance last week. This might present a pretty buying opportunity into the name, he said. “[A]s we stare within the face of one other 12 months of macro uncertainty and a looming recession, we predict it is time to flip to long on PFE, post its Friday COVID guidance cut + $3.5Bn cost reduction plan,” Tewari said. “In our view, PFE has some of the intriguing catalyst paths over the following yr in large cap pharma and trades ~15% below where it traded at the beginning of the COVID pandemic.” The analyst added Pfizer has already presented “a powerful innovation framework” that has helped the corporate adapt to health-care headwinds, which underpinned the bullish long-term view. “Throughout the pandemic, Pfizer in collaboration with Biontech rolled out COVID vaccines in a historical timeframe. Pfizer’s COVID antiviral Paxlovid also helped the fight against the pandemic,” he said. “We’re closely monitoring how Pfizer goes to maneuver itself within the post-COVID world, especially with a sustainable pricing of COVID products to make sure a wider access.” Pfizer has slumped greater than 37% this 12 months. It has also dropped 45% since 2021, the 12 months it surged 60% on enthusiasm around the worldwide economy reopening following the Covid-19 lockdowns. PFE YTD mountain Pfizer stock YTD — CNBC’s Michael Bloom contributed to this report.