Monsanto (MON): Thoughts After St Louis Whistle Stop Tour - Piper Jaffray
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Piper Jaffray analyst, Brett Wong, reiterated his Overweight rating on Monsanto (NYSE: MON) after attending a company event in St. Louis. The event offered visibility into the depth of the pipeline and the leadership position MON holds in the industry. There is a difficult agriculture backdrop that will continue to weigh on growth near-term. However, management did not provide any additional insight into possible M&A including the potential deal with Bayer, only commenting that discussions are ongoing.
The analyst continues to believe that the potential acquisition by Bayer will close, likely in the mid-$130/sh range, lower than previously expected due to the ag downturn now persisting into next year. The focus of the event was the pipeline, where MON highlighted the strength of the core business, but really stressed the significant opportunity in Climate to transform agriculture as well as the other offerings MON is pursuing to help build a more integrated solution for growers.
No change to the price target of $118.
Shares of Monsanto closed at $103.99 yesterday.
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