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Societe Generale downgraded Merck to sell with a price target of $104

Societe General downgraded Merck (NYSE:MRK) to sell with a price target of $104, stating that it doesn’t believe the current valuation sufficiently discounts the upcoming Keytruda patent expiry. The investment firm said it was increasing its DCF by more than 20% due to “encouraging” late-stage pipeline execution in 2023. However, it was still downgrading the stock in view of the recent share price run-up. Societe Generale noted that its estimates were “well below” consensus.

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