UPDATE: Citigroup Raises PT to $93 on Monsanto Company on Growth Outlook
Citigroup reiterates its Buy rating on Monsanto Company (NYSE: MON) and raises its price target from $90 to $93.
Citigroup comments, "MON continues to perform well as: 1) it gained share in its key US corn and soybean seed platforms; 2) it is well positioned in Latin America ahead of the major Intacta soybean launch in FY13; and 3) new products like Droughtgard corn and Integrated Farming Systems (IFS) offer incremental growth opportunities in 2014 and beyond. With the planting season behind us the company's Whistle Stop Tour in August (traditionally a R&D update) is likely the next major catalyst, and we remain buyers as we think the company can continue to post 15-20% EPS growth."
MON closed at $80.89 on Wednesday.
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