Jefferies Downgrades Merck (MRK) to Underperform

Jefferies downgraded Merck (NYSE: MRK) from Hold to Underperform with a price target of $48.00.

Analyst Jeffrey Holford commented, "We expect a strong 2017 performance from Keytruda in NSCLC, though revenue and EPS estimates are now 2%-7% and 5%-12% below consensus between 2017E-20E. We also expect further pressure on Keytruda in 2018, driven by share losses in 1L NSCLC to BMY, AZN and Roche as well as an increasing overhang from the Januvia/ Janumet patent expiries as they loom ever closer. MRK screens poorly on many valuation metrics to us and we have downgraded the shares to Underperform."

For an analyst ratings summary and ratings history on Merck click here. For more ratings news on Merck click here.

Shares of Merck closed at $62.44 yesterday.

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