The firm expects further upside for the pharmaceutical stock, which jumped roughly 45% in 2022.
Investors can expect further gains from Merck this year, Bank of America said. Analyst Geoff Meacham upgraded shares to buy from neutral, saying the pharmaceutical company will continue to outperform even as macro pressures mount in 2023. "We are upgrading MRK to Buy from Neutral based on continuation of strong growth trends seen last year and substantial progress diversifying the Keytruda LOE / concentration risk," Meacham wrote in a Wednesday note.
"We think meaningful BD is still required to overcome Merck's tough growth trajectory post 2027, but the company has developed a strategy and has time to execute on BD deals," read the note. Shares of Merck could see upside of about 17% to the analyst's price objective. The analyst raised his target to $130 from $110. The stock is up more than 1% in Wednesday premarket trading.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opinion | What the end of the Democrats' trifecta means for America.HayesBrown: On parts of their agenda, Democrats didn't even muster a bare minimum of effort. Their unfinished business will haunt America.
Read more »
A Portrait of Love and Struggle in Post-Industrial, Small-City AmericaThe photograher Brenda Ann Kenneally’s sprawling chronicle of life in Troy, New York, is a tribute to her subjects and an indictment of our times.
Read more »
Little Caesars is Planning to Take Over America in 2023Boasting over 4,000 US locations, Little Caesars is a major player in pizza profits, and it looks like they're only getting bigger in 2023.
Read more »
What makes America what it is - Chicago ReaderCurator Matt Morris’s “In the United States there is more space where nobody is than where anybody is,” up at Loyola University’s Ralph Arnold Gallery, is a full-hearted and generous analysis of Kim Krause, Morgan, and Sabina Ott’s bodies of work. The exhibition is strikingly expansive, explicitly positioned within the histories of modernism and postmodernism. […]
Read more »
What life was like 50 years ago in America, compared to now in 2023In honor of the new year, take a look at how life has changed in 50 years. From 1973 to 2023, here are 10 ways America is different – from movies, songs, gas prices and more.
Read more »