UPDATE: Piper Jaffray Raises Monsanto's PT

According to a research report published earlier today, Piper Jaffray has increased Monsanto's MON PT from $95 to $97. In the report, Piper Jaffray commented, “MON traded lower yesterday despite reporting significant 2Q upside and raising full year guidance above consensus. Investors instead focused on management commentary on seasonality and the impact of early Spring weather pulling sales/profits into 2Q. We believe these concerns overshadowed several positives from the call: (1) management endorsed market share gains in corn earlier than expected, (2) Monsanto's new Intacta soybean produced a ~10% yield lift in field trials, and (3) Reduced Refuge corn acreage is expected to reach the high end of prior guidance, driven in our view by SmartStax RIB. We believe management's revised guidance is likely to prove conservative and we expect MON shares to respond favorably to 2H12 upside.” Piper Jaffray maintains its Overweight rating on Monsanto, which closed yesterday at $80.58.