Bank of America/Merrill Lynch Stays Bullish on Monsanto (MON)

Bank of America/Merrill Lynch Stays Bullish on Monsanto (MON)

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Agricultural products giant Monsanto Company (MON) on Monday caught some continued bullish support from analysts at Bank of America/Merrill Lynch.

The firm maintained its “Buy” rating on MON and lifted its price target to $96, suggesting a healthy 26% upside to the stock’s Friday closing price of $76.17. Bank of America/Merrill Lynch noted the company should see rising corn and soybean demand in the U.S.

Monsanto shares, which have risen 8.7% year-to-date, posted small losses in premarket trading Monday.

The Bottom Line
Shares of Monsanto (MON) have a 1.58% dividend yield, based on Friday’s closing stock price of $76.17. The stock has technical support in the $70 price area. If the shares can firm up, we see overhead resistance around the $77-$80 price levels.

Monsanto Company (MON) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.