Piper Jaffray Maintains Overweight on Monsanto (MON)

Piper Jaffray is out with its report today on Monsanto MON, reiterating Overweight.

In a note to clients, Piper Jaffray writes, "We maintain our Overweight Rating and $95 price target on shares of MON
following a pricing survey of 10 glyphosate distributors across the U.S. We are incrementally more confident that prices for generic glyphosate have surpassed the high end of management's guidance of $8 to $10 per gallon – on an
average basis – to about $12, though some price localization is apparent. Higher generic prices (due to increases in global raw material costs and demand) bode well for profits in Monsanto's Ag Productivity segment, which could see a lift of $0.10 - $0.15 to our estimates depending on in-season volumes."

At the time of posting, shares of MON were trading pre-market at $72.20, up 0.33% from Thursday's close.