BMO Capital analyst Alex Arfaei raised his price target on Merck to $82 and kept his Outperform rating, also raising his FY18 EPS view by 18c to $4.01 and FY19 view by 27c to $4.29. The analyst cites his increased confidence around the long-term growth potential of Keytruda and Gardasil and anticipates the company's revenue growing by mid-single digits until the loss of exclusivity for its Januvia program in 2022-23. Arfaei adds that his long-term forecasts are more bullish relative to the Street, with an added catalyst coming from Merck's potential diversification into Animal Health.