This should be rather welcome news for Whitehouse Station. The belief expressed at BMO tonight is that Merck has traded down more than enough to compensate for the so-so third quarter 2013 results, and may yet have upside — to $50 — in the next 12 months.
BMO is not alone in that view, by any stretch — but lately Merck has seen more trimming of NYSE share price targets, than ramp-ups re the same, from the firms officing at Wall and Broad. Here’s a bit of the item, then:
. . . .Merck & Co.: BMO Capital upgraded Merck to Outperform from Market Perform following the recent pullback on the belief that shares are near a bottom; BMO says consensus estimates have come down and that a number of new data catalysts could move the shares higher. The firm has upped its price target for Merck stock to $50 from $48. . . .
We promise to keep you informed, but this is a welcome bit of sunshine, after a relatively tough week at Merck HQ.