UBS analyst Trung Huynh upgraded Merck to Buy from Neutral with a price target of $122, up from $117, after assuming coverage of the name. Entering 2024, the firm sees continuing consensus estimate upgrades for Keytruda and Gardasil over the mid-term. The consensus continues to underestimate Keytruda revenues as it moves higher up the treatment algorithm, and Gardasil’s growth in China, the analyst tells investors in a research note. The firm expects share multiple expansion to primarily come from Merck’s “underappreciated pipeline readouts.”
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