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Merck: Jefferies upgrades stock.

(CercleFinance.com) - Jefferies has upgraded its rating on the share of the US pharmaceutical company Merck from "underperform" to "neutral" and has nudged up its target price from 54 dollars to 55 dollars.

“Our U/P thesis was predicated on overly-optimistic consensus estimates for the durability of Keytruda growth vs. growing competition” the broker said.

However, Jefferies considers that the share's sharp drop has removed a lot of the downside potential the broker expected previously. However, Merck remains its worst pick and the broker believes that Roche could most benefit from the delays of Keytruda.

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