Monday, May 17, 2010

UBS (NYSE:UBS) Cuts Monsanto (NYSE:MON) Earnings Estimate, Lowers Price Target

UBS (NYSE:UBS) joins the growing chorus of those who don't like what they see with Monsanto (NYSE:MON), cutting their earnings estimate for the seed company, while also slashing the price target.

The price target was lowered to $83, like others, citing the disappointing performance of its Roundup lawn treatment unit division.

Almost a year ago UBS also removed Monsanto from their recommendation list when the agriculture seed company was trading just above $90 a share.

UBS said technical supports is around the $50-$51 price range, with overhead resistance about $60-$62 a share. They recommending sitting the stock out at this time.

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