UBS maintains its 'buy' rating on Merck KGaA shares with a target price maintained at €180, representing 56% upside potential, following the German healthcare and chemicals group's quarterly results.

Merck's Q1 results were broadly in line with expectations, although the downward revision of the 2025 EBITDA forecast was a slight disappointment, the broker says, which has reduced its 2025-29 EPS estimates by 1.5% on average.


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