The analyst lowers his price target by 6% due to the uncertainty of ongoing litigation. UBS confirms its neutral recommendation on the stock and lowers its target price to E32 (from E34), which still represents an upside potential of 18%.

' Litigation uncertainty has increased following recent verdicts. We are increasing our discount on the group's value to reflect this situation, and lowering our price target', says UBS.

The research firm points out that the group has so far won 10 of the 16 Roundup-related lawsuits, and that its strategy should continue to be to systematically appeal unfavorable judgments, with the aim of reducing the amount of damages it is ordered to pay.

However, UBS is concerned about a possible upward revision of the company's legal reserves, which currently stand at 6.1 billion euros.

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