According to Morgan Stanley, Monsanto MON Overweight rating is maintained. Morgan Stanley reported that it is maintaining its Overweight rating and $77 price target. “From a valuation perspective, F3Q11 will now be the make or break quarter with acreage for Roundup 2 Soybeans (RU2), SmartStax (SS) and Double/Triple Pro disclosed then. (Regular readers will note that we previously expected this to take place in F2Q11). Our view remains if Monsanto can demonstrate an ability to commercialize RU2 and SS in F2011 then investors will begin to value it based on fully penetrated and price out-year EPS (i.e., our $95 Bull Case). Until F3Q11, we expect MON to be largely range bound (high $60s to low $70s).” Monsanto closed yesterday at $69.16.