Goldman Sachs Reiterates Buy Rating, $110 PT on Monsanto Company
In a report published Friday, Goldman Sachs Group reiterated its Buy rating and $110.00 price target on Monsanto Company (NYSE: MON).
Goldman Sachs noted, “The strong relative product performance coupled with ongoing commercial ramp for its higher margin reduced refuge corn and RR2 soybean, elevated crop prices and some recent pricing momentum for glyphosate suggest another strong earnings year and market share gains for FY2013. Investors will also take comfort from the positive developments regarding the Department of Justice's formal investigation, the rejection of Prop 37 in California and some progress on Brazilian RR1 patent issues. MON offers attractive EPS growth with limited impact from fiscal cliffs, Chinese leadership changes and European economic malaise. We anticipate another rewarding year of ‘beat and raise' earnings results and reiterate our CL-Buy designation on MON.”
Monsanto Company closed on Thursday at $89.97.
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