BMO Capital upgraded Merck (MRK) to Outperform from Market Perform with a price target of $130, up from $82. The firm says the company is assembling a portfolio to grow through the Keytruda loss of exclusivity. In the near term, BMO sees commercial outperformance from assets like Enflonsia, Reblozyl, and Welireg. When combined with improved sentiment following the Gardasil beat in Q3, the firm believes Merck shares will move higher throughout 2026, despite “the largest BioPharma LOE event come 2028.”
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