Zacks Investment Research upgraded shares of Bayer Corporation (BAYRY) from NEUTRAL to OUTPERFORM on September 18, 2012, with a target price of $103.00.
Encouraged by strong second quarter 2012 results, an upbeat guidance and a series of positive subsequent developments, we are upgrading Bayer to Outperform. Bayer performed impressively in the second quarter of 2012 driven by increased revenues. Following the impressive results, management raised their guidance for 2012 revenues as well as earnings. Subsequently, Bayer has witnessed a series of positive developments including progress regarding oncology candidate regorafenib and label expansion efforts for Xarelto. Moreover, the decision of Bayer's HealthCare unit to buy Teva's animal health business in the US is also a positive move. Consequently, we believe that the current price represents an attractive entry point for long-term investors.
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