Merck Stock Hits New High After Analyst Upgrade

Merck & Co., Inc.'s (NYSE:MRK) stock price reached a new 52-week high on Tuesday, following an upgrade from Argus. The analyst firm raised their price target for Merck from $145.00 to $170.00 and currently has a buy rating on the stock.

The company's shares traded as high as $155.10 during mid-day trading, with a volume of 798797 shares exchanged. This marks a new 1-year high for the stock, following previous price targets set by other firms such as Barclays, which upped their objective to $150.00 and gave Merck an overweight rating in July.

Average analyst target prices for Merck stand at $145.35, with 15 analysts currently recommending a buy on the stock and eight holding a hold position. The company's market capitalization is over $378 billion, and its P/E ratio sits at 122.81.