Bayer Posts In-Line 4Q as Monsanto Acquisition Remains on Track; Shares Look Undervalued
Bayer issued 2017 guidance and reported fourth-quarter results that were in line with both our and consensus expectations, and we don’t expect a material change to our fair value estimate. We continue to view the stock as undervalued, as the investment community appears too concerned with the Monsanto acquisition and a relatively weak pipeline. While the company’s moat is weighed down by the no-moat material science group, we continue to view the company’s narrow moat as secure, buoyed by the co...
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