Merck (MRK) PT Raised to $135 at Wells Fargo

Wells Fargo analyst Mohit Bansal raised the price target on Merck (NYSE: MRK) to $135.00 (from $125.00) while maintaining a Overweight rating.

The analyst comments "Weak '26 guidance was primarily due to LOE products. This does not change the bull thesis for us as MRK continues to execute on new launches and its late-stage pipeline in the next 12–18 months. We still see a future beyond Keytruda. New PT $135. Weak guide due by LOE products, with new launches accelerating growth in '27 and '28. MRK noted they expect ~$2.5B of LOE impact. MRK expects Januvia purchases to stop in April, ahead of the May LOE, as distributors work through inventory. For Bridion, MRK expects de-minimus sales following LOE in July. We see growth re-accelerating in '27 and '28 as new launches (Ohtuvayre, oral PCSK9, and HIV) offset LOEs. For Ohtuvayre, MRK expects investments to accelerate growth in 2H-26 and into '27."

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