Credit Suisse puts Merck at neutral

Merck & Co. was rated at neutral with a $30 price target by Credit Suisse analyst Catherine Arnold on the analyst's thoughts concerning the Vioxx trial. The verdict is split as to whether the drug was a substantial contributing cause of the plaintiffs' heart attacks. The market was expecting Merck to win against both plaintiffs. Credit Suisse expects the stock to weaken and reverse some of the 13% gains it has achieved since the beginning of the year. Merck is worth $32 pre-Vioxx liability and $30 with the analyst's $2 per share Vioxx liability estimate. Shares of the Whitehouse Station, N.J., pharmaceutical company were down $1.15, or 3.20%, at $34.84 on volume of 20,972,100 shares versus the three-month running average of 8,548,750 shares. (NYSE: MRK)

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