- Monsanto (NYSE:MON) +2.2% premarket as Jefferies upgrades shares to Buy from Hold with a $132 stock price target, raised from $95, seeing a $130/share or greater takeover by Bayer (OTCPK:BAYRY) as "highly likely."
- MON's response to Bayer "was far from a full-throated defense" and "benign enough to open the door for more productive discussions," Jefferies notes.
- The firm also believes favorable weather should drive price support for MON in 2017-20.
- Now read Bayer says it can meet Monsanto deal demands