On Monday, Berenberg renewed its 'hold' recommendation and 30 euro price target for Bayer shares.

In a research note, the analyst believes that the German chemical group's decision to lower its dividend and the favorable outcome of the Erickson PCB trial in the United States have reduced the worst-case scenario.

These fears included, in particular, the possibility of a capital increase, recalls the intermediary.

'The outlook for earnings remains, despite everything, far from optimal', emphasizes Berenberg.

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