(CercleFinance.com) – Stifel maintains its ‘buy’ rating on Merck KgaA shares, with a price target reduced from 193.5 to 182 euros.
The analyst indicates that Merck is rather pessimistic about the trends, trajectory and visibility of the recovery of the Life Sciences sector in the first half of 2024.
For Stifel, ‘this marks a change in atmosphere compared to the optimism which reigned during the Investor Day (CMD), despite the reiteration of the orientations and medium-term objectives.’
In this context, the analyst reduced his Earnings per Share (EPS) expectations by 5% for 2023 and by 11% for 2024.
‘Overall, we applaud Merck’s ability to stay the course without reducing its guidance, although it covers a broader range. We expect Merck’s shares to outperform those of its peers,’ the broker explains in substance.
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