Merrill cuts Serono to neutral

Serono SA was downgraded to a neutral rating from a buy by Merrill Lynch analyst Erica Whittaker after Merck KGaA acquired Serono for CHF 1,100 per share. The analyst's fair value of CHF 1,100 per share is based on discounted cash flow analysis. Shares of the Geneva-based biopharmaceutical company were up CHF 4.00, or 0.37%, at CHF 1,080. (VTX: SEO)

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