Bayer: in the red with broker downgrade

(CercleFinance.com) - The Bayer stock is down 3.
4% in Frankfurt today, hit by broker Jefferies downgrading its "buy" rating to "hold," having reduced its target price from 110 euros to 92 euros, pointing out Monsanto's surprise conviction in the glyphosate case.

The broker says that this conviction has already resulted in the Bayer share falling by over 10%, “Whilst this could appear an over-reaction, it might be many months before we see the outcome of an appeal,” it warns.

“We fear that investors will now remain on the sidelines, uncertain of what a final impact on the company could be, leaving the shares in limbo,” Jefferies adds.



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