This morning, Jefferies downgraded shares of Merck (NYSE:MRK) from buy to hold after determining that the company's cost cutting efforts are less impressive than the market believes. With the downgrade, Jefferies lowered its EPS estimates and set a $50 price target. Shares of Merck were lower on Friday, falling 0.3% so far.
Jefferies also downgraded shares of Eli Lilly (NYSE:LLY) from buy to underperform as the company's research & development pipeline remains weak. Jefferies slashed its EPS estimates and set a $40 price target. Shares of Eli Lilly were lower by 0.5% on the news.
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