Merck KGaA: Invest Securities adjusts target price
(CercleFinance.com) - Invest Securities maintains its "neutral" rating on the Merck KGaA stock, having cut its target price from 94 euros to 91 euros, in the wake of 2018/19/20 EPS estimates that have been lowered by respectively -0.
5%/-3%/- 6% after the group published its Q1 2018 results.
The analyst in charge of monitoring the German chemicals-pharmaceuticals group points out that the launches of Mavenclad and Bavencio cannot yet compensate for the clear decline of Erbitux and Rebif, which will impact the EBITDA margin of the franchise.
The broker adds that the materials performance franchise should remain under pressure in the near term. Only the life science division seems to be resisting, which partly offsets our post-publication adjustments, it continues.
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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.
5%/-3%/- 6% after the group published its Q1 2018 results.
The analyst in charge of monitoring the German chemicals-pharmaceuticals group points out that the launches of Mavenclad and Bavencio cannot yet compensate for the clear decline of Erbitux and Rebif, which will impact the EBITDA margin of the franchise.
The broker adds that the materials performance franchise should remain under pressure in the near term. Only the life science division seems to be resisting, which partly offsets our post-publication adjustments, it continues.
Copyright (c) 2018 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.