Jefferies initiated coverage of Merck with a Buy rating and $125 price target. The analyst says the company is in the "sweet spot" of execution and value. The loss of exclusivity for Keytruda looks mismodeled by the Street, while estimates from the company’s pulmonary arterial hypertension treatment sotatercept have upside potential, the analyst tells investors in a research note. The firm also sees Merck reaching its $11B-plus target for its HPV vaccine Gardasil.
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