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Bayer: Morgan Stanley maintains 'overweight' ahead of appeal

(CercleFinance.com) - Morgan Stanley maintains its "overweight" rating on the Bayer share, with a target price of 82 euros, ahead of an appeal against the German pharmaceutical and chemical maker in the Roundup litigation.

"Expert call reinforced our view that Roundup litigation is a manageable risk, relative to what is priced in," the broker wrote in a note.

According to Morgan Stanley, the Johnson appeal in California is the next opportunity to impact risk perception.

"Our expert was optimistic of some relief on appeal but also indicated an outright loss would not prevent success elsewhere," it said.

The Bayer share is currently down 0.6% at 67.3 euros.

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