Monsanto stock price decline overdone - Barron's
NEW YORK, May 31 (Reuters) - Last week's decline in Monsanto Co's (MON.N: Quote, Profile, Research) stock price after the world's largest seed company lowered its earnings forecast is probably overdone, Barron's reported in its June 1 edition.
UBS' Don Carson said that even with the revised numbers, Monsanto shares are headed to above $115 within 12 months, the business weekly reported. Monsanto shares closed at $79 on Friday on the New York Stock Exchange.
A return to dry fields will also mitigate the negative effect that wet weather had on sales of its weed killer Roundup, Barron's said.
Monsanto said last week that tougher competition in the herbicide business would push fiscal-year results to about $4.40 per share, the low end of its earnings forecast.
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