NEW YORK (dpa-AFX Broker) - U.S. investment bank Morgan Stanley downgraded Bayer to "equal-weight" from "overweight" and cut its price target to 62 euros from 80 euros. Analyst James Quigley and his colleague Mark Purcell expect investors to rotate from defensive to cyclical and high-growth pharmaceutical stocks in an industry report released Friday. In particular, investors are likely to increasingly favor companies with a higher dependence on the life sciences business, they said. Under these circumstances, the vote for Bayer was lowered./tih/edh

Publication of the original study: 01/06/2023

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