RBC Downgrades Merck on Unprecedented Valuation

RBC has downgraded Merck to 'underperform' due to 'unprecedented valuation' following vaccine data.

The downgrade comes after the company's recent announcement of its COVID-19 vaccine efficacy results, which have been seen as a major factor in the stock's rapid price appreciation.

RBC analysts note that while the vaccine data is significant, it has already been priced into the stock, leading to concerns about future growth prospects.