Merck downgraded at Wells Fargo on valuation, lack of catalysts

As previously reported, Wells Fargo analyst Mohit Bansal downgraded Merck to Equal Weight from Overweight with a price target of $115, down from $120. The recent appreciation of the stock brings shares to a level where they seem "fairly valued" and there is a lack of near-term catalysts, the analyst tells investors. Keytruda loss of exclusivity issues persist, which potentially caps the valuation, the analyst added.