Goldman Sachs (NYSE:GS) won't give up on being one of the few cheerleaders out their for Monsanto (NYSE:MON), as they maintain the shares in the company are poised for an upward move.
Goldman reiterated their "Buy" rating on the company, and their 12-month price target of $65 a share.
Although they've kept this up for some time, Goldman also points to the recent increase in corn prices based on the possibility production will be lower than anticipated, which could help Monsanto sell more product as farmers may accept the higher product prices of Monsanto, which they've been complaining about for some time, as their margins increase.
But with or without higher corn prices, Goldman has kept pushing Monsanto, and the reasoning seems to be the bad news is built into the share price already, and they've hit the bottom and are ready to go up.
In other words, they think the company is undervalued and will rebound.
The question for investors is if they think the company has hit a low or not too. If so, and if it's true, then they could ride them for awhile if shares start to move up again.
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