Credit Suisse analysts downgraded shares of Pfizer (NYSE:PFE) from Outperform to Neutral with a price target of $40 per share, down from the prior $47.

The new price target suggests a downside risk of roughly 15%. Shares are down 0.7% in pre-open Thursday.

“As Pfizer enters a period of uncertainty and limited pipeline catalysts, we see greater opportunity for growth among other US Major peers,” said the analysts.

They highlighted several concerns, including decreased confidence in the mid-to-long-term guidance for COVID vaccines and “a show-me launch story” for the RSV vaccine.

The downgrade move comes despite an “attractive valuation.”

“However, the rerating from pipeline catalysts and BD has not emerged this year as we had thought. We see it tough to turn sentiment around given the uncertainty as we enter commercial COVID pricing, less BD, and a lack of meaningful catalysts on the horizon. We need to see execution in order to be comfortable with management’s ambitious expectations (pipeline peak sales/COVID/Flu),” the analysts concluded.