Monsanto downgraded at Monness Crespi after gloomy seed dealer survey

|About: Monsanto Company (MON)|By:, SA News Editor

Monsanto (MON +0.1%) is downgraded to Neutral from Buy with a $127 target price, down from $140, at Monness Crespi, whose annual seed dealer survey came back the most negative for the seed industry in the survey's seven-year history.

The firm says the 50-plus dealers who responded are seeing challenging industry conditions - including greater discounting, reduced trait purchases, reduced spending on seeds, and share gains for non-major seeds brands - as a second straight year of significantly lower farm profits forces farmers to watch their spending closely, including on seeds.