UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Monsanto Company

In a report published Wednesday, the Goldman Sachs Group reiterated its Buy rating on Monsanto Company MON, and raised its price target from $96.00 to $100.00. Goldman Sachs noted, “We heard a positive outlook on the first day of MON's bi-annual Whistle Stop tour in Illinois. We also met with major independent seed producers. Near-term: (1) Rootworm resistance remains a hot topic and MON notes ~400 fields with 2011 resistance issues were resolved with remedial action; 2012 incidences are fewer at ~150 fields; (2) MON's seed supply looks relatively unaffected by the drought due to diversified and irrigated production; (3) Seed pricing will be up 5%-10% again in 2013; (4) RR2 soy and reduced refuge corn made solid progress in 2012, with similar growth (10mn-13mn acres) expected in 2013; and (5) MON notes 75% of farmers expect similar or better profits in 2012 as price gains offset reduced yields.” Monsanto Company closed on Tuesday at $86.20.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorPrice TargetReiterationAnalyst RatingsGoldman Sachs Group
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!