Citi Raises Price Target On Syngenta AG

Citi raised the price target on Syngenta AG SYT to 310 swiss francs from 275 swiss francs, citing a recovery in the grain markets. In the research note, Citi writes, "We have increased our forecasts for 2011 and 2012 for the second time in two months. The increase now is 4% and 5%, respectively. We increase our price target to SFr310. The critical factors are the continuing strength of grain prices and growing anecdotal evidence that growers will invest to boost yield in 2011; e.g. fertiliser demand is now strong due to pre- buying. This change by growers from cash conservation to investing will also boost the crop science segment and Syngenta should be a major beneficiary." ADR's of Syngenta are trading down 18 cents to $50.80, a loss of 0.35%.