Bayer: Liberum still a buyer, but cuts target
(CercleFinance.com) - After Bayer published its quarterly results last week, Liberum reinstates its "buy" rating on the share, considering that the market continues to overestimate risks.
However, the broker has cut target price for the share from 90 euros to 87 euros.
Liberum points out in its note that in the glyphosate legal saga, the number of plaintiffs has risen from 13,400 to 18,400, leading it to increase the legal penalty in its sum-of-the-parts calculation.
The broker adds, "As anticipated, the Crop unit had a difficult quarter due to adverse weather in North America. Bayer stuck to full year guidance, although admitted it is "ambitious"."
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However, the broker has cut target price for the share from 90 euros to 87 euros.
Liberum points out in its note that in the glyphosate legal saga, the number of plaintiffs has risen from 13,400 to 18,400, leading it to increase the legal penalty in its sum-of-the-parts calculation.
The broker adds, "As anticipated, the Crop unit had a difficult quarter due to adverse weather in North America. Bayer stuck to full year guidance, although admitted it is "ambitious"."
Copyright (c) 2019 CercleFinance.com. All rights reserved.