Pharmaceuticals maker Merck & Co., Inc. (MRK) on Monday caught a big downgrade from analysts at Jefferies & Co.
The firm said it cut its rating on MRK from “Buy” to “Hold” while lowering its price target from $40 to $37. That new target suggests a slight downside to the stock’s Friday closing price of $38.47.
Jefferies cited valuation concerns for the downgrade, following a strong recent run by the stock. MRK had risen early 22% in the past three months alone.
Merck shares fell 29 cents, or -0.8%, in premarket trading Monday.
The Bottom Line
Shares of Merck (MRK) have a 4.37% dividend yield, based on Friday’s closing stock price of $38.47. The stock has technical support in the $35-$36 price area. If the shares can firm up, we see overhead resistance around the $40-$43 price levels.
Merck & Co., Inc. (MRK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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