Loading...
Loading...
In a report published Monday, Bernstein Research analyst Tim Anderson downgraded the rating on
Merck & Co.MRK from Outperform to Market Perform, and lowered the price target from $53.00 to $50.00.
In the report, Bernstein Research noted, “We are downgrading Merck to Market-Perform from Outperform. From a pure financial perspective, 2013 is not likely going to be a great year - revenues and EPS should be down vs 2012 as prior generic expiries continue to wash through the model. Furthermore, following a string of pipeline setbacks and now the lowering of 2013 guidance twice since the start of the year, a ‘crisis in confidence' among investors has been building. While expectations and valuation are now lower, many investors continue to view MRK as a good R&D company because of its historic good legacy (this has been part of our original investment case too). Accordingly, pipeline execution will be critical to the story, but in the nearer-term it is hard to identify many meaningful pipeline catalysts.”
Merck & Co. closed on Friday at $47.29.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in