In a post-earnings research note titled "Bayer's Headache," JPMorgan analyst Jeffrey Zekauskas argues that Bayer's (BAYRY) $122 per share offer is "uninteresting" for Monsanto (MON) while a $150 per share bid would be "no more than tempting." It is not uncommon for companies to receive acquisition bids during periods of cyclical weakness or financial stress, Zekauskas writes after Monsanto reported its Q3 results. He believes Monsanto could double its earnings and share price over a five year period during a period of cyclical strength. He also believes Bayer's offer is limiting Monsanto's earnings growth rate because it is constraining use of its balance sheet. The analyst raised his price target for Monsanto shares to $100 from $88 and keeps a Neutral rating on the name. The provider of agricultural products closed yesterday up 2%, or $2.43, to $103.52.