Merck KGaA: Stifel still a buyer, but trims TP

(CercleFinance.com) - Stifel reiterates its "buy" rating on Merck KGaA shares, while trimming its target price for them from E205 to E200, after a 1% reduction in its forecast for 2023 sales a 4% reduction in its 2023e EBITDA.


"MRK headwinds appear more manageable", the broker says, judging "management hitting the right notes after a modest beat vs. consensus".

"Some questions on visibility and trajectory remain, but MRK remains well positioned and attractively valued", Stifel adds in its comments on the German healthcare, life sciences and electronics group.


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