Merck KGaA: Morgan Stanley resumes with 'equal weight'

(CercleFinance.com) - Morgan Stanley resumes coverage of German drugs and chemicals maker Merck with an "equal weight" rating and a target price of 96 euros, citing a "conflicted equity story.
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"Merck's pharma business has emerged from a period of weak innovation with insulation from US pricing risk, but concerns on semiconductors and lack of valuation attractions keep us on the sidelines," the US investment bank said.

Morgan Stanley says it prefers innovation leader Roche and deeply-discounted Bayer.

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