Bayer: Berenberg raises rating to 'buy', ups target
(CercleFinance.com) - Berenberg upgraded its rating on Bayer from "hold" to "buy" and raised its target price for the share of the German pharmaceutical and crop chemical group, citing good news in the legal field.
"In our view, the market is clearly missing a trick with the muted reaction to the news that two of Bayer's January trials scheduled to take place in the California Superior Court have been delayed," the broker wrote in a note to clients.
"Over the near term, Bayer has some of the fastest earnings growth in the chemicals sector and there appears to be minimal scope for corn and soybean prices to fall further," it added.
Berenberg has raised its target price from 75 euros to 86 euros.
The shares of the company were down about 0.8% at 71 euros in morning trading on the Frankfurt Stock Exchange.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"In our view, the market is clearly missing a trick with the muted reaction to the news that two of Bayer's January trials scheduled to take place in the California Superior Court have been delayed," the broker wrote in a note to clients.
"Over the near term, Bayer has some of the fastest earnings growth in the chemicals sector and there appears to be minimal scope for corn and soybean prices to fall further," it added.
Berenberg has raised its target price from 75 euros to 86 euros.
The shares of the company were down about 0.8% at 71 euros in morning trading on the Frankfurt Stock Exchange.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.