BofA reinstated coverage of Merck (MRK) with a Buy rating and $121 price target calling it “arguably the best ‘GARP’ name” in the large-cap U.S. pharma and biotech category. Gardasil expectations have been reset, Keytruda continues to “do great” and the multiple is “too low for the long-term growth” Merck offers, the analyst tells investors.
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