Merck price target raised to $128 from $110 at Barclays

Barclays analyst Carter Gould raised the firm’s price target on Merck to $128 from $110 and keeps an Overweight rating on the shares. Near-term subcutaneous Keytruda Phase 3 non-small cell lung cancer data provide an "underappreciated opportunity" for Merck to prolong franchise growth into the early 2030s, well beyond the 2028 decline widely assumed, Gould tells investors in a research note. The analyst now has more conviction that Merck will be able to drive high-levels of conversion to subcutaneous utilization, leaving less Keytruda IV product to be eroded in 2028.