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Bayer: UBS lowers price target

( - The analyst lowers his price target by 6% due to uncertainties surrounding ongoing litigation.
UBS therefore confirms its neutral recommendation on the stock, lowering its target price to E32 (from E34) - this still represents 18% upside potential.

Litigation uncertainty has increased following recent verdicts. We are increasing our discount on the group's value to reflect this situation, and lowering our target price, UBS says.

The broker points out that the group has so far won 10 of the 16 Roundup-related lawsuits, and that its strategy should continue to be to systematically appeal unfavourable judgments, with the aim of reducing the amount of damages it is ordered to pay.

However, UBS is concerned about a possible upward revision of the company's legal reserves, which currently stand at E6.1bn.

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