June 26 (Reuters) - Goldman Sachs Group added Monsanto Co (MON.N: Quote, Profile, Research, Stock Buzz) to its Americas conviction buy list, saying the recent weakness in the agricultural products company's stock price was a buying opportunity.
Monsanto on Wednesday reported a higher-than-expected third-quarter profit and raised its full-year forecast, but Wall Street expressed disappointment that the company's results and outlook were not stronger, sending shares down more than 6 percent in Wednesday's trade.
"We believe the outlook is stronger than ever for Monsanto and suggest investors use today's weakness to build or add to positions," analyst Robert Koort wrote in a note to clients. He has a price target of $155 on the stock.
Koort, who raised his 2008 profit estimate on the St. Louis-based company by 5 cents to $3.50 a share, said he expects a 30 percent rise in Monsanto's 2009 earnings.
Shares of Monsanto were down 32 cents at $131.84 in early morning trade on the New York Stock Exchange.
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