3 Defensive Stocks to Protect Your Portfolio in 2024

) dropped from its yearly high of 19.23 to 16.36. Although lowered, US stock volatility remained above the months, leading to a refreshed Middle East conflagration.

Moreover, tobacco companies are successfully transitioning to smokeless products to overcome policy hurdles. Alongside iconic combustible brands such as Camel and Newport, British American Tobacco is to drugs what AB InBev is to beer. Notwithstanding the controversial vaccine rollout, the global pharmaceutical is likely to avoid severe repercussions given the wide nature of the project.

As is expected of pharma stocks, their highs and lows rely on drug launches and FDA approvals. Pfizer has a fertile pipeline across all major medical fields. PFE stock is down 9% YTD, trading currently at $26.26 per share. This is just 3.9% above the 52-week low of $25.23. Expecting multiple drugs to hit the market in 2024 and 2025, the average PFE price target is $31.57, with a low estimate of $27, also above the present price level.

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