Monday, February 7, 2011

Cowen & Co. Analyst Ups BMS; Lowers New Merck To "Neutral", From "Outperform"

Investors' Business Daily has it, this way:

. . .Bristol-Myers Squibb upgraded to Outperform from Neutral at Cowen and Company. . . .

Merck downgraded from Outperform to Neutral at Cowen and Company. . . .

I will say that when Merck dips closer to $32 (while sporting a probable fair value of around $35, post vorapaxar, but pre any J&J arbitration outcome) -- and Pfizer at around $19 (up from $16 a few weeks ago) -- these two (PFE and MRK) would be more equivalent value propositions, if each CEO had not articulated wildly differing visions of the 2011 to 2014 future for R&D budgets, at the respective companies. We shall, as ever, see.

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