New CEO For Merck Is Not Reason To Buy The Stock

Drug maker Merck & Co., Inc. (MRK) on Tuesday announced it has elected Kenneth C. Frazier as its new CEO, and saw its coverage started with a "buy" rating by analysts at Credit Agricole.

The company said Frazier will also take a seat on its board of directors. Exiting CEO Richard T. Clark will remain as Chairman of the Board.

Meanwhile, an analyst at Credit Agricole initiated coverage on MRK with a "Buy" rating and $47 price target. That target implies a 35% upside to the stock's Monday closing price of $34.69.

Merck shares were down 0.61% in trading Tuesday.

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- Posted: 2010-11-30 13:20:31

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