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Merck KGaA: UBS raises target price

( - UBS raised its target price for Germany's Merck shares to 104 euros from 96 euros on Tuesday, as the company's drug Mavenclad could prove to be key to its 2020 earnings growth.

In a note to clients, the broker - which maintains a "neutral" rating on the stock - said things are going well in the LifeScience division, but calls it "too early" from a sum-of-the-parts approach.

However, the multiple sclerosis drug Mavenclad should beat the consensus, UBS wrote in the report.

The Frankfurt-listed Merck is currently down 0.2% at 106.4 euros.

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