June 28, 2012 at 08:56 AM EDT
Monsanto’s Target, Estimates Boosted at Citigroup on Higher Corn Demand (MON)

Seed maker Monsanto Company (MON) on Thursday caught some bullish commentary from analysts at Citigroup.

The firm maintained its “Buy” rating on MON and lifted its price target to $93. That new target suggests a 15% upside to the stock’s Wednesday closing price of $80.89.

Citigroup also boosted its earnings estimates for the company, citing higher corn acres planted by farmers. The positive commentary follows MON’s solid second quarter earnings report on Wednesday.

Monsanto shares posted small losses in premarket trading Thursday.

The Bottom Line
Shares of Monsanto (MON) have a 1.48% dividend yield, based on last night’s closing stock price of $80.89. The stock has technical support in the $74-$75 price area. If the shares can firm up, we see overhead resistance around the $82-$87 price levels.

Monsanto Company (MON) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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