Bayer is down nearly 2% in Frankfurt, penalized by a recommendation downgrade by Stifel from 'buy' to 'hold' with a price target reduced from 68 to 42 euros, the broker preferring to 'stay on the sidelines' despite the remaining upside potential.

Looking at the options for the German group, the broker considers that a separation from consumer healthcare 'may create value, but is not a short-term solution for the strained balance sheet', and believes that a separation from agrochemicals would destroy value.

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