Piper Sandler upgraded Organon to Neutral from Underweight with a price target of $14, up from $5, after the company entered into an agreement under which Sun Pharma will acquire all outstanding shares of Organon for $14 per share in an all-cash transaction. Piper views the deal as "lightning in a bottle" for Organon. The firm is surprised a buyer emerge d given its views on Organon's asset quality.
