Citi Initiates Coverage on Merck (MRK) with a Buy
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Citi initiates coverage on Merck (NYSE: MRK) with a Buy. Price target $44.
Citi analyst says, "We project 5-year incremental adjusted revenues of ~$4B, which is above the peer group average. Januvia, Gardasil, Singulair & Isentress account for 31%, 30%, 26% & 17% of incremental sales...Our $44 price target assumes MRK trades at ~11.6x our 2009E EPS of $3.79. Performance rests on its ability to execute on new products and late-stage pipe to address patent expirations (Cozaar/Hyzaar’10; Singulair‘12)."
Merck & Co., Inc. (Merck) is a global research-driven pharmaceutical company that discovers, develops, manufactures and markets a range of products to improve human and animal health.
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