Organon price target lowered to $10 from $11 at BofA

BofA analyst Jason Gerberry lowered the firm’s price target on Organon (OGN) to $10 from $11 and keeps an Underperform rating on the shares. The firm said the company cutting its dividend was a “necessary evil” given the company’s limited pipeline, adding that the move makes strategic sense given Organon’s high leverage and need to diversify from Nexplanon risk. BofA noted that, following the quarterly update, its concern with the stock may not be enough of a reason tot build a new position in the stock.