Merck Names Kenneth C. Frazier as New CEO; Started as a “Buy” at Credit Agricole (MRK)

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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 mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of Merck ( MRK ) have a 4.38% dividend yield, based on last night's closing stock price of $34.69. The stock has technical support in the $32 price area. If the shares can firm up, we see overhead resistance around the $38 price level.

Merck & Co., Inc. ( MRK ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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