Merck KGaA: UBS lowers target price
(CercleFinance.com) - UBS reiterates its buy rating on the stock, but lowers its target price to E178 (from E186), which still represents 18% upside potential.
We are revising our target rating after the failure of xevinapant in head and neck cancer. We continue to value bioprocesses and semiconductor recovery engines in H2 and into 2025, UBS says.
Merck has announced the discontinuation of a phase III clinical trial evaluating an experimental treatment for head and neck cancer. The German group explains that it took its decision following an opinion from the study's independent monitoring committee, which considered that the trial was unlikely to achieve its primary objective, namely to improve patient survival.
Merck KGaA has confirmed its qualitative forecasts for 2024, with a return to organic growth. It expects revenues of E20.6bn to E22.1bn, adjusted EBITDA of E5.7bn to E6.3bn, and adjusted EPS of E8.05 to E9.10.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
We are revising our target rating after the failure of xevinapant in head and neck cancer. We continue to value bioprocesses and semiconductor recovery engines in H2 and into 2025, UBS says.
Merck has announced the discontinuation of a phase III clinical trial evaluating an experimental treatment for head and neck cancer. The German group explains that it took its decision following an opinion from the study's independent monitoring committee, which considered that the trial was unlikely to achieve its primary objective, namely to improve patient survival.
Merck KGaA has confirmed its qualitative forecasts for 2024, with a return to organic growth. It expects revenues of E20.6bn to E22.1bn, adjusted EBITDA of E5.7bn to E6.3bn, and adjusted EPS of E8.05 to E9.10.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.