Piper Jaffray Overweight On Monsanto

Piper Jaffray is out with a research report on Monsanto (NYSE: MON) and it has an Overweight rating and a $90 price target on shares.

In a note to clients, Piper Jaffray writes, "Refuge in a bag (RIB) was the most talked about new product by each of the seed majors at Farm Progress this year. Uptake of RIB - which provides a natural mix benefit for seed companies - in combination with bullish grower sentiment and like-for-like hybrid price increases is setting the stage for a strong 2012 for the seed majors. On MON, we believe SmartStax will finally start to exceed (albeit lowered) Street expectations through new hybrids and by virtue of its inclusion in RIB. We reiterate our Overweight rating and $90 price target on MON shares."

Shares of MON lost 54 cents yesterday to close at $68.93, a loss of .78%.