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Summary

Bayer remains a high-risk investment due to unresolved litigation, negative free cash flow, and management missteps post-Monsanto acquisition.

The outcome of the Durnell Supreme Court case is pivotal; a loss could escalate liabilities and threaten BAYZF's solvency, in my opinion.

Despite solid Q1 results, negative FCF, €32B in net debt, and a cut dividend highlight BAYZF's precarious financial position.

I maintain a Hold rating with a €25/share price target, seeing risk/reward unattractive until litigation clarity emerges.

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I covered Bayer a few months back in January and changed my rating at the time to reflect a more conservative view with a "HOLD", down from a "BUY" previously.…