Even though Monsanto (NYSE:MON) has had a lot of bad news lately, Deutsche Bank (NYSE:DB) likes what they see, and raised their price target on the agricultural company from $60 to $70, while maintaining their "Buy" rating.
Deutsche said, "With positive feedback on its revamped SmartStax and RR2Y pricing strategies (slightly lower than expected but not material) and anecdotal evidence of strong yield performance in SS and RR2Y this season, Monsanto’s 'Whistle Stop' tour found a company confident in its ability to grow volume and gain share in US corn and soybeans in ‘11. Given the competitive landscape and Monsanto’s track record of success on new products, we believe SS and RR2Y will achieve their acreage targets in ’11, driving both volume growth and share gains."
Monsanto was trading at $58.11, up $0.82, or 1.43 percent, as of 12:54 PM EDT.
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