Berenberg analyst Luisa Hector downgraded Merck (MRK) to Hold from Buy with a price target of $90, down from $100. The firm says the “error bars” on Merck’s long-term sales profile remain large while the Keytruda patent expiry in 2028 “is looming.” It wants to see Keytruda’s cash flows invested more aggressively to “shore up” the company’s longer-term growth outlook. Merck’s return on research and development investment has declined, Berenberg contends.
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