Citi Maintains 'Buy' Rating on Monsanto (MON), Positive Comments on Growth Outlook From Partnerships
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Citi maintains a 'Buy' rating on Monsanto (NYSE: MON). Price target $145.
Citi analyst says, "We recently met with senior BASF (OTC: BASFY) leaders at an Investor event, and gleaned information on the company's partnership with MON. The meeting left us positive on the collaboration, which is focusing on yield & stress traits for corn and soy. BASF is making a major investment in Ag: while Ag is only 6% of company sales, it represents 33% of BASF's massive E1.45B ($2.2B) R&D budget, with ~$220mm of that devoted to plant biotech...The company's earnings growth rate is likely to sustain in '08 after rapid growth in the last four years. Longer term, we remain positive on the company's growth prospects out till 2010, and forecast a CAGR of 11% from '08 to 2010. We believe the company's pipeline of agricultural biotech products is unrivaled by competitors but with new competition expected towards the end of the decade, Monsanto's earnings growth rate could get adversely affected."
Monsanto Company (Monsanto), along with its subsidiaries, is a global provider of agricultural products for farmers.
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