Merck upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank analyst James Shin upgraded Merck (MRK) to Buy from Hold with a price target of $150, up from $115. The firm believes the market is undervaluing Merck due due to Keytruda’s looming patent cliff. Deutsche’s analysis indicates a “clear path” for the company to navigate the transition effectively, the anlayst tells investors in a research note. The firm believes Merck ,excluding Keytruda, has line of sight to growth, with a trough earnings “formation at hand.”