UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Monsanto Company

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Monsanto Company

, and raised its price target from $104.00 to $113.00. Canaccord Genuity noted, “From an industry viewpoint, we continue to expect another record planting in the US this spring, followed by a further record planting in Latin America next fall, which should set up the company for a strong F2013 and a positive start to F2014. We believe Monsanto will be able to capitalize on these expected macro events more than its peers due to its yield leading products, both current and those in the pipeline, and the benefit that we should continue to see roll out in both North and South America throughout our forecast period. From a pipeline viewpoint, we see no equal when it relates to the level of product launches the company should be able to introduce both in the near and medium term. As a result, we believe the company's shares will continue to outperform its peers and the market in 2013.” Monsanto Company closed on Tuesday at $98.45.