European Daily Focus: Thursday, 02nd July 2026

Research evidence excerpt

European Daily Focus: Thursday, 02nd July 2026

Deutsche Bank

Research

Europe Strategy Date

2 July 2026

European Daily Periodical

Focus

Thursday, 02nd July 2026

Jonathan Jayarajan

TOP STORIES Associate Director Equity Research - EMEA

BAYER (BAYGn.DE) - Litigation overhang lifts, focus shifts to fundamentals & Products

value unlock, Buy. +44-20-754-76037

Virginie Boucher-Ferte: Hold to Buy, Tgt EUR45 to EUR60. Last Close EUR49. Last

week's Supreme Court ruling is pivotal to Bayer's multi-pronged approach to draw

a line under its glyphosate liability. The ruling has been one of the two key pillars

Bayer has been focusing on to contain its glyphosate litigation, alongside the class

settlement. This ruling makes the settlement considerably more likely to hold. All in

all, we believe it should effectively cap the glyphosate exposure within existing

provisions. With this major overhang lifting, the focus should start shifting to the

fundamentals: a compelling growth story in both Crop & Pharma, further bolstered

by mid-term portfolio optionality likely to unlock substantial value. The stock trades

at 7.6x 27E EV/EBITDA and 9.2x 27E P/E, materially below the Crop & Pharma peers.

We upgrade the stock from Hold to Buy with a new €60 TP.

JULIUS BAER (BAER.S) - Still waiting Figure 1: Table of Contents

Benjamin Goy: Tgt CHF73 to CHF76. Last Close CHF69.84. Buy. Following the

Top Stories Page 01

mixed 4M26 update in May, Julius Baer shares have quickly recovered and Target Price Changes Page 02

outperformed the sector as well as key peers. This reflects its attractive business Company Updates Page 03

model and significant operating leverage to a supportive capital markets backdrop Sector Update Page 07

Strategy / Economics Page 08

in our view.