Merck price target lowered to $115 from $125 at Citi

Citi lowered the firm’s price target on Merck (MRK) to $115 from $125 and keeps a Buy rating on the shares. The company’s Q4 was solid but the focus was on Gardasil given a pause in shipments to China and withdrawal of $11B peak guidance, the analyst tells investors in a research note. The firm acknowledges the Gardasil headwinds, but remains confident in the breadth of Merck’s pipeline.