UPDATE: UBS Upgrades Monsanto (MON) to Buy on 'Overcorrection'

August 27, 2013 6:44 AM EDT
Get Alerts MON Hot Sheet
Price: $103.91 +0.40%

Rating Summary:
    20 Buy, 11 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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(Updated - August 27, 2013 10:16 AM EDT)

UBS upgraded Monsanto (NYSE: MON) from Neutral to Buy rating and a price target of $100 (unchanged). Analyst John Roberts believes the recent sell-off is an "overcorrection" and he thinks stabilizing corn prices could allow focus to return to fundamentals.

"MON correlated w/corn for select weekly periods, but uncorrelated on monthly data since fin’l crisis, & least correlated pre-crisis among ag. stocks," said Roberts.

"We recently hosted mtgs. w/Phillips McDougall consultants (seeds/pesticides). USDA has not yet reduced target yields for late planting. Weather presents normal risks for harvest & fall planting in Latin Am. "Feed the World" demand theme intact. MON still viewed as highest growth opportunity in seeds & herbicides," he added.

For an analyst ratings summary and ratings history on Monsanto (NYSE: MON) click here. For more ratings news on Monsanto click here.

Shares of Monsanto closed at $97.65 yesterday.

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