TD Cowen analyst Steve Scala upgraded Merck to Outperform from Market Perform with a price target of $135, up from $125. Versus pharma peers, Merck offers greater near-term earnings visibility and solid news flow, yet the stock was only an average performer in 2023, and it sells at a below-average multiple, the analyst tells investors in a research note. The firm has confidence that Merck can deliver and its analysis suggests investors should look through even large patent expirations such as Keytruda. All told, the company could be an above average performer in 2024, contends TD.
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