Bayer: leads DAX risers after broker upgrade
(CercleFinance.com) - Shares in Bayer rise as Berenberg upgrades the stock from "hold" to "buy," sending the stock up over 2% to become DAX index's top gainer this morning.
In a research note, Berenberg points out that Bayer's share price has fallen by 15 euros since the glyphosate court loss on 10 August.
"We believe this pullback is extreme and estimate a reasonable assessment of the risk at closer to 3.40 euros per share," the German broker says in the report.
However, Berenberg has cut its target price on the stock from 118 euros to 113 euros.
The Bayer share is currently up 2.1% at 82.5 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In a research note, Berenberg points out that Bayer's share price has fallen by 15 euros since the glyphosate court loss on 10 August.
"We believe this pullback is extreme and estimate a reasonable assessment of the risk at closer to 3.40 euros per share," the German broker says in the report.
However, Berenberg has cut its target price on the stock from 118 euros to 113 euros.
The Bayer share is currently up 2.1% at 82.5 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.