Piper Jaffray Maintains Overweight On Monsanto (MON)

Piper Jaffray is maintaining its Overweight rating and $74 price target on Monsanto Co. MON. In a research note sent to clients, Piper Jaffray writes, "We are reiterating our Overweight rating on shares of MON following a round of seed dealer & grower checks across the Northern cornbelt that indicated positive grower sentiment for Roundup Ready 2 Yield (RR2Y) Soybeans and pockets of positive interest in SmartStax. Dealers are starting to see order volumes of RR2Y beans ahead of normal seasonal timing, and growers provided personal testimony about how their beans outperformed in 2010. Interest in SmartStax continues to grow – particularly regarding its advanced traits – and many growers point to 2012 as the year when hybrid availability and outperformance metrics converge to drive SmartStax volume." Shares of MON lost 61 cents on Friday to close at $59.53, a loss of 1%.