Bayer Bulls and Cautious Voices Diverge After a Week of Upgraded Targets
Published on 11/08/2026 at 04:52 | Editorial boerse-global.de
Bayer shares slipped 0.7% on Friday to close at €55.08, with profit-taking setting in after a strong run for the week. The retreat came as investors weighed a cautious note from Jefferies against a more bullish call from UBS, while the pending court approval of the Roundup settlement remained a live overhang.
The week's brokerage actions pointed in different directions. UBS raised its price target to €66 from €62 on Wednesday and kept its buy rating, with analyst Matthew Weston citing the strong momentum of the pharmaceuticals division and pointing to the planned breakup of rival Corteva. DZ Bank moved its fair value for Bayer to €64 from €60 on Thursday, also maintaining a "Buy" stance.
Jefferies took a more guarded line on Friday, lifting its target to €48.50 from €46 but sticking with "Hold." Analyst Michael Leuchten noted that his forecasts sit at the lower end of the company's own guidance range, and flagged the outstanding approval of the Roundup settlement as a key legal catalyst.
Pharma Carries the Raised Outlook
Bayer's third-quarter 2026 results, released Tuesday, showed group revenue of €10.1 billion, up 4.1% in nominal terms and 1.9% after adjusting for currency and portfolio effects. EBITDA before special items climbed 6.9% to €1.62 billion, driven chiefly by growth in Pharmaceuticals, while Crop Science and Consumer Health lagged. The bottom line was less flattering: Bayer posted a net loss of €0.7 billion.
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On the strength of the pharma business, the company lifted its full-year guidance for EBITDA before special items to a range of €9.8 billion to €10.3 billion, up from the previous €9.6 billion to €10.1 billion. It also raised its expected pharma margin to 25–27% and guided free cash flow to between minus €1.5 billion and minus €0.5 billion. Net financial debt is projected at €28.0 billion to €29.0 billion by year-end.
A Product and Pipeline Calendar Takes Shape
On the agricultural side, Bayer reported the first US shipment of its pre-emergence herbicide Convintro for the 2027 season. The product, built on the active ingredient diflufenican, is aimed at giving corn and soybean growers another tool against herbicide-resistant weeds, and is intended for use across both crops.
In pharmaceuticals, the company said Wednesday it will present new data on cardiovascular disease, kidney disease and stroke at the AHA Scientific Sessions, running November 6–9 in Chicago. The lineup includes an analysis of the OCEANIC-STROKE study on Asundexian.
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Bayer also announced Chinese approval of Sevabertinib for first-line treatment of adults with advanced HER2-mutant non-small cell lung cancer, based on results from the ongoing Phase I/II SOHO-01 trial.
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