Piper Jaffray Maintains Overweight On Monsanto (MON)

Piper Jaffray is maintaining its Overweight rating and $74 price target on shares of Monsanto MON. In the research report sent to clients Piper Jaffray writes, "We are reiterating our Overweight rating on shares of MON following a round of dealer & grower checks across the central corn belt that indicate that the segmented 'lead product' strategy - promoting products in their areas of strength - is resonating. Growers are afforded the optionality to buy genes that are of most benefit, and dealers are optimistic about performance and availability of the VT PRO hybrids, giving us additional confidence in the mid-teens millions of acres of reduced refuge products. We continue to see opportunities for upside in 2011 including promising signs for corn acreage and penetration of Roundup Ready 2 Yield (RR2Y) soybeans." Shares of MON closed at $60.66 yesterday.