Merck price target lowered to $120 from $125 at UBS

UBS analyst Trung Huynh lowered the firm’s price target on Merck (MRK) to $120 from $125 and keeps a Buy rating on the shares as part of a broader note on the U.S. Pharmaceuticals and Biotechnology industry. The firm believes BioPharma will find it difficult to outperform against a more uncertain macro backdrop in the short-term, and thinks President-elect Trump will be capable of enacting significant legislative change, and that unpredictability is expected to cast a shadow over the space, the analyst tells investors in a research note. There will be continued uncertainty in the space until there is more clarity on Trump’s changes, UBS says.