Fly News Breaks for May 25, 2016
BAYRY, MON
May 25, 2016 | 06:36 EDT
Jefferies analyst Laurence Alexander upgraded Monsanto (MON) to Buy saying a greater than $130 per share takeover by Bayer (BAYRY) is "highly likely." Monsanto's response to Bayer "was far from a full-throated defense" and "benign enough to open the door for more productive discussions," Alexander tells investors in a research note. Further, the analyst believes favorable weather should drive price support for Monsanto in 2017-2020. Alexander views the stock's risk/reward as favorable and upped his price target for the shares to $132 from $95. Monsanto closed yesterday up 3%, or $3.28, to $109.28.
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