1995 Sales Expectations Lowered At Merck KGaA
Recently-floated German pharmaceutical company Merck KGaA has indicated that it now expects sales for 1995 as a whole to be around 6.2 billion Deutschemarks ($4.3 billion), instead of the previous forecast of 6.5 billion marks. Analysts have been cautious in their reaction to the cut.
In the UK, analysts at Goldman Sachs cut their 1995 forecasts in line with Merck's expectations. They are rating Merck KGaA shares as underperformers on valuation grounds.
From an initial public offering value of 54 marks, the share price has moved up to between 61 and 62 marks. The GS analysts say that they consider the shares to be 10% overvalued at these levels.
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