Merck KGaA: Stifel reduces target price

(CercleFinance.com) - Stifel confirms its Buy rating on Merck KGaA shares, with a target price reduced from E194 to E185.


The analyst believes that Q3 is unlikely to be controversial, as all three divisions face some uncertainty for FY 2025: Healthcare on licensing agreements and pipeline, Life Sciences on 2025 forecasts and potential M&A deals, and Electronics on the recovery of previous-generation products.

We have made minor adjustments to our estimates for fiscal 2024, due to heightened caution regarding the Healthcare division and the recovery trajectory in Life Sciences, the broker says.

Finally, Stifel reports that Merck is 'attractively valued' relative to its end markets and competitors.


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