Bayer’s share price drops on UBS downgrade

30 September 2009 13:01  [Source: ICIS news]

LONDON (ICIS news)--Bayer’s share price dropped more than 2% on Wednesday after broker UBS downgraded the German drugs and chemicals maker.

Shares in Bayer fell 2.4 % to €47.69, making it the sharpest decliner among German largecaps and Europe's largest 50 stocks on Monday mornng.

UBS said that after the chemical maker's stock gained 50%  from its lows recorded around 18 March with most of the postive impetus passed.

“We think further earnings upgrades/re-rating could resume in 2010”, it said in an analysts note.

The UBS price target of €52 for Bayer remained unchanged.

Bayer's shares were trading at €47.72 on the Xetra stock exchange at 12.45 local time, down 2.29% on the last close with the Stoxx 50 index virtually unchanged.

($1 = €0.69)

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By: Franco Capaldo
+44 (0)20 8652 3214

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