Bayer Posts Weak 2Q, Dragged Down by Crop and Consumer, But Shares Look Undervalued
Bayer reported second-quarter results slightly below our expectations, but we don’t expect any major cuts to our fair value estimate based on the minor underperformance, and we continue to view shares as slightly undervalued. Further, Bayer remains on solid footing with its narrow moat, and the expected completion of the Monsanto acquisition later in 2017 should further strengthen the company’s competitive positioning.In the quarter, strong drug sales helped offset weakness in Bayer's other div...
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