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Bayer: Stifel lowers its target price

( - While maintaining its 'hold' recommendation on Bayer shares, Stifel has lowered its TP for them from E42 to E30, which is based on the historical P/E and EV/EBITDA multiples applied to its 2024 projections.

The broker anticipates adjusted EBITDA of E4bn for Q1 2024, down 11% y-o-y, mainly due to Agrochemicals, but says it is below consensus in each of the German group's three segments.

Stifel expects the year-on-year trend to improve in H2, with cost savings and easy comparables, but its 2024 EBITDA forecast of E10.1bn is at the low end of the target range.

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