Soleil Boosts Price Target on Monsanto (MON) to $187
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Soleil Securities boosted its price target on Monsanto (NYSE: MON) from $160 to $187, reiterating their Buy rating.
Soleil made no change to their 2008 EPS estimates of $3.45, but raised 2009 EPS to $5.00 from $4.50, citing accelerated price increases.
The firm said, "As we indicated in our May 26 report on our roadshow with our ag expert, the excess rain in the corn belt is producing a bumper crop of weeds requiring more post-emergent herbicide application. Other herbicide producers that should also benefit from the bumper crop of weeds are Syngenta (NYSE: SYT), DuPont (NYSE: DD), and American Vanguard (NYSE: AVD)."
Shares of Monsanto closed at $138.51 yesterday.
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