Bayer downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Richard Vosser downgraded Bayer to Neutral from Overweight with a price target of EUR 60, down from EUR 77. The analyst continues to see a "bifurcation" in European pharma company outlooks in 2023, both in terms of pipeline readouts and longer-term where "genericisations again need to be navigated." As such, he would avoid companies like GSK and Roche, seeing downside to 2023 consensus estimates and "potentially challenged" 2025-2030 outlooks. Vosser continues to favor companies "which have sustainably higher growth" and "far more" pipeline data points, new launches to drive estimate upgrades.