BUZZ-BMO downgrades Merck to 'market perform'; lowers PT

Reuters12-20 22:14

** Shares of drugmaker Merck MRK.N fall 1% to $98.54 in premarket trading

** Brokerage BMO Capital Markets downgrades MRK rating to "market perform" from "outperform"; lowers PT to $105 from $136

** The new PT represents a 5.5% upside to the stock's Dec. 19 close

** BMO expects that uncertainty surrounding the Gardasil vaccine, which prevents cancers caused by human papillomavirus, will continue in China until at least 2025 and calls it a "show me" case, despite management's $11 billion sales target by 2030 for China

** Brokerage views the company's decision to acquire a preclinical oral GLP-1 instead of a later-stage pipeline as a "misstep"

** Says "Merck is no longer the 'steady eddy' of the Pharma space"

** As of last close, stock down 8.7% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))

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