UPDATE: Piper Jaffray Raises PT to $38 on American Vanguard on Growing Insecticide Demand
Piper Jaffray reiterated its Overweight rating on American Vanguard (NYSE: AVD) and raised its price target from $32 to $38.
Piper Jaffray noted, "After touring American Vanguard's Hannibal, MO manufacturing facility and discussing bug/weed resistance issues with Monsanto at their analyst event in Monmouth, IL, we are taking the opportunity to introduce FY14 estimates and lift our price target on AVD shares from $32 to $38. We believe AVD is making the necessary investments in capacity expansion to meet the growing demand for insecticides & herbicides that maximize yield and provide protection against resistance issues that are evolving from continuous corn planting practices and over application of glyphosate herbicide."
American Vanguard closed at $29.40. on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.