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Jefferies Downgrades Pharma

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Merck & Co., Inc. (NYSE:MRK) and Eli Lilly & Co. (NYSE:LLY) were both downgraded by Jefferies. Merck was downgraded to hold from buy with a price target of $50 per share. Jefferies believes that the cost-cutting program implemented by Merck doesn’t go far enough and the company’s core business is waning. On the other hand, Eli Lilly was downgraded to underperform from hold with a price target cut from $49 to $40 per share. Jeffries cited a weak pipeline for the Eli Lilly downgrade. Both stocks are trading lower on the downgrades.