Goldman Sachs analyst Asad Haider assumed coverage of Merck (MRK) with a Buy rating and price target of $103, down from $129. Following the recent selloff, the shares are now trading at levels where the market is implying an “overly negative terminal growth rate reflecting not just zero pipeline value,” the analyst tells investors in a research note. The firm believes investors are effectively getting a free Animal Health business at current share levels. With that business having registered $6B in 2024 revenue, and growing, “this as a significant mispricing,” contends Goldman.
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