UPDATE: Jefferies Raises PT on Monsanto to $74

Jefferies is out with its report today on Monsanto MON, raising its PT from $73 to $74. In a note to clients, Jefferies writes, "Q3 EPS of $1.26 was $0.16 above consensus and $0.11 above our estimate on lower taxes, glyphosate and other items, while corn and soy netted slightly below our forecast. Monsanto raised FY11E to $2.84-$2.88, up from $2.72- $2.82 ($2.82 consensus), and flagged better momentum in order patterns. We are raising FY11E EPS $0.05 to $2.85, up 18%, and our PT $1 to $74." Jefferies maintains Hold on MON. Shares of MON closed Wednesday at $70.26, up 5.02% from Tuesday's close.