Merrill Lynch retains Serono at buy rating

Serono SA was retained by Merrill Lynch analyst Erica Whittaker at a buy rating with a price objective of CHF 930 after the company's third-quarter results significantly exceeded Merrill Lynch's estimates and consensus on the bottom line mainly due to lower operating costs. Gonal-f sales in the United States were weak due to continued market erosion following Akzo's price discounting program earlier in the year. Shares of the Geneva, Switzerland-based biotechnology company were up CHF 1.00, or 0.12%, at CHF 822.00 on volume of 39,402 shares versus the three-month running average of 28,652.5 shares.

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