Zacks Investment Research downgraded shares of Bayer AG (BAYRY) from OUTPERFORM to NEUTRAL on December 24, 2012, with a target price of $101.00.
Bayer's earnings per share during the third quarter of 2012 came in at 1.68 (approx $1.50) compared to 1.12 (approx. $1.58) in the year-ago period. The company recorded 11.5% growth in revenues to 9,665 million. Growth was witnessed across all the major divisions at Bayer. Bayer continues to expect 2012 earnings to increase by 10% year over year. Blood-thinner Xarelto, which has significant commercial potential, performed well during the quarter. We are also impressed by the FDA approval of Stivarga in treatment-experienced mCRC patients. We are also positive on the EU approval of eye-drug Eylea. However, we believe the current price reflects all the positive news and are reverting to a Neutral recommendation on the stock.
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