Monsanto downgraded at Monness Crespi after gloomy seed dealer survey

Dec. 02, 2014 3:49 PM ETMonsanto Company (MON-OLD)MON-OLDBy: Carl Surran, SA News Editor4 Comments
  • 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.

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