Bayer: Credit Suisse still on hold
(CercleFinance.com) - Credit Suisse is maintaining its 'neutral' rating on Bayer shares, with a target price of 57 euros.
The analyst points to the appointment of Bill Anderson as CEO - a transfer from Roche - whose pharmaceutical experience should prove particularly valuable.
Credit Suisse says it wants to wait to hear the new man's views on the level of industrial synergies between the plant/crop business and the pharma business.
For 2023, the broker expects underlying sales growth of 8% in the crop division and +1% in pharma, with growth in new drugs barely offsetting the erosion seen in older products.
As a result, Credit Suisse raises its 2023 EPS estimates by 3.2%, although reduces its 23-28 EPS estimates by 0.4%.
Over the longer term, Bayer says it is confident about flat Eylea sales, and reports that management continues to talk about peak sales of over E12bn from its drug pipeline and new launches.
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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.
The analyst points to the appointment of Bill Anderson as CEO - a transfer from Roche - whose pharmaceutical experience should prove particularly valuable.
Credit Suisse says it wants to wait to hear the new man's views on the level of industrial synergies between the plant/crop business and the pharma business.
For 2023, the broker expects underlying sales growth of 8% in the crop division and +1% in pharma, with growth in new drugs barely offsetting the erosion seen in older products.
As a result, Credit Suisse raises its 2023 EPS estimates by 3.2%, although reduces its 23-28 EPS estimates by 0.4%.
Over the longer term, Bayer says it is confident about flat Eylea sales, and reports that management continues to talk about peak sales of over E12bn from its drug pipeline and new launches.
Copyright (c) 2023 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.