what are the reasons to hold PFE (pfizer) stock?  All analysts seem to
say it's a hold.

For long term investors (more than one year), I think PFE is indeed a
hold. From a technical point of view, Pfizer is at present on a
downtrend but is near and above some significant supports. Also, we
saw on the last quarter of 2005 a double bottom with a subsequent
rally. Though the price is under EMA200, the main technical indicators
are oversold or looking better.

About fundamentals, we may say that PFE financial structure is sound,
earnings are in a good level and its R&D is strong.