Jefferies Cuts Price Target on Merck (MRK) to $56; Reiterates Hold
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Jefferies reiterated a Hold rating on Merck (NYSE: MRK), and cut the price target to $56.00 (from $57.00), as the company's growth remains constrained.
Analyst Jeffrey Holford commented, "MRK was over-rewarded for the failure of BMY's CM-026 study in our view. Whilst we see a c$3.3bn opportunity for Keytruda in NSCLC it is not enough to drive meaningful growth against upcoming LOEs. We expect competing IO combo data in 2017 will lower investor enthusiasm, though strong growth from Keytruda in Q4'16 may offset this to a degree."
Shares of Merck closed at $62.49 yesterday.
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