Pharmaceuticals maker Merck & Co., Inc. (MRK) on Friday caught a big downgrade from analysts at Bank of America/Merrill Lynch.
The firm cut its rating on MRK from “Buy” to “Neutral” with a $45 price target, suggesting a small upside to the stock’s Thursday closing price of $42.80. Bank of America/Merrill Lynch noted the move was a valuation call, since the stock has risen 14% since the beginning of 2012.
Merck shares fell 29 cents, or -0.7%, in premarket trading Friday.
The Bottom Line
Shares of Merck & Co. (MRK) have a 3.93% dividend yield, based on last night’s closing stock price of $42.80. The stock has technical support in the $39-$40 price area. If the shares can firm up, we see overhead resistance around the $44-$47 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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