BUZZ-Truist says biopharma sector needs 'more M&A for recovery'; downgrades Merck

** Brokerage Truist Securities says 2025 is likely to be a "stock picker's market" for the biopharma sector, with less of broad healthcare investing and more stock selection

** "2024 disappointed on the M&A front; the sector needs bigger/more M&A for recovery" - Truist

** Brokerage downgrades Merck & Co MRK.N to "hold" from "buy", trims PT to $110 from $130

** Shares marginally down premarket; MRK fell 8.75% in 2024

** For MRK, Truist highlights Gardasil China concerns, looming loss of exclusivity (LOE) of cancer drug Keytruda in 2028 and lack of near-term catalysts leading to a cautious stance

** However, brokerage cites conviction around Eli Lilly LLY.N, AbbVie ABBV.N and Regeneron REGN.O

** Truist also revised PTs for the following large-cap biopharma cos;

(Reporting by Joel Jose in Bengaluru)

((joeljose@thomsonreuters.com))