Bayer Posts Strong 1Q Results, Boosted by Material Science Growth; Shares Remain Undervalued
Bayer reported strong first-quarter results that were ahead of our and consensus expectations, but we don’t expect significant changes to our fair value estimate based on the minor outperformance, which was partly driven by the material science group and may not be sustainable. We continue to view the stock as undervalued with the investment community potentially overly concerned about a weak drug pipeline and the Monsanto acquisition. While Bayer’s pipeline lacks strong late-stage assets, we be...
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