Wolfe upgrades Merck with pipeline ‘big enough to matter’

Wolfe Research analyst Tim Anderson upgraded Merck to Outperform from Peer Perform with a $127 price target. The company "finally has a pipeline that is big enough to matter," the analyst tells investors in a research note. The firm says that given the various sources of optionality that lie ahead for Merck, either in the pipeline or in the base business, further multiple expansion of the shares is possible.