Monday, June 13, 2005

Merck stock downgraded because of Vioxx concerns

From various sources including yahoo finance:

Merck & Co. was downgraded to underperform from market perform by Friedman Billings Ramsey, due to that approaching Vioxx litigation is expected to put pressure on the stock. Analyst David Moskowitz sees pressure on earnings and revenue as the loss of Zocor patent exclusivity reduces margins, and sees risks from the company's strategic realignment. Moskowitz cut his stock price target to $27 from $32.