FRANKFURT (dpa-AFX) - Merck KGaA shares continued to rise on Wednesday, reaching 191.50 euros, their highest level since April last year. Another positive analyst comment proved to be a driver.

The shares of the pharmaceutical and specialty chemicals group rose another 3.7 percent to around 190 euros by late noon. They thus secured first place in the European medical sector and were also among the best performers in the Dax. The German benchmark index recently rose by 1.6 percent.

The U.S. investment bank Bank of America included the shares in its "Europe 1" recommendation list and considers them a "top pick" in the EU pharmaceutical sector. Merck KGaA shares are worth buying for several reasons, wrote analyst Sachin Jain, pointing to the positive outlook for the multiple sclerosis drug evobrutinib, the attractive valuation and potential acquisitions as potential share price drivers. In this context, Jain highlighted Merck's solid track record in acquisitions and its financial discipline.

Merck KGaA shares had already risen sharply the previous day, driven by a recommendation from JPMorgan. The U.S. investment bank had declared the shares to be its favorite stocks in the 2023 stock market year. Merck has sustained higher growth and a good pipeline, it said./la/bek/mis