UPDATE: Deutsche Bank Raises PT to $90 on Monsanto

Deutsche Bank increases its price target from $85 to $90 on Buy-rated Monsanto

on corn strength that should increase 2H12 earnings. Deutsche Bank says, "Monsanto shares fell 1.5% despite a healthy FQ2 beat and the raising of ‘12 guidance (mid-pt: $3.52, up 20%), in line with broad sector weakness. While the company expects flat 2H earnings as an early start to the US season pulled sales forward into Q2, with '12 corn acreage tracking to the high end of the target range, soybean acreage tracking in-line, US corn/soybean share gains likely, high-teens EPS growth achievable in '12-'13E and valuation a fair 22.7x C'12E EPS, Monsanto is our preferred way to play a strong ag cycle." MON closed at $80.58 yesterday.