Bank of America Merrill Lynch (NYSE:BAC) cut German pharma giant Merck KGA’s stock today, from neutral to underperform, on earnings risk from its Erbitux and Rebif drugs and communication problems with investors.
The company is not related to the US-based drug company Merck (NYSE:MRK).
Merck KGA is a component of German ETFs, such as the iShares MSCI Germany Index Fund (AMEX:EWG). The fund has just 0.71% of Merck KGA in its portfolio, with Siemens (SI) as its top stock, at 10.31% of holdings, and BASF, Bayer, Daimler and E.ON rounding out the top five.
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