After meeting with management, Citi analyst P.J. Juvekar believes Monsanto (MON) is talking to Bayer (BAYRY) while also evaluating other options. The analyst thinks it would take a $135-$140 per share offer for Monsanto to open its books. While the likelihood of some kind of a deal has increased, the possible downside share price risk is $92 without a deal, Juvekar tells investors in a research note. The analyst lowered his estimates for Monsanto following the company's Q3 results to reflect slower seed price growth. He raised his price target for the shares to $112 from $94, however, to reflect the current buyout bid. He remains on the sidelines with a Neutral stock rating, citing industry uncertainty with "Ag fundamentals are bouncing along the bottom."