(Monsanto story updated with further analyst commentary.)
NEW YORK (TheStreet) -- According to the prevailing wisdom on Wall Street, Monsanto (MON) has moved in the right direction as it strives to revive itself after an ugly debut for its crucial new bioengineered corn in 2010.
Last year, after a rebellion among its farmer-customers forced the company to cut prices for its latest test-tube maize, Monsanto had to repeal the ambitious growth goals it had set for the next three years. Its stock fell 20% in 2010.
With the dawn of a fresh year, investors appear to have put much of that bad news behind them. Monsanto's efforts to right itself are only a small part of the reason, of course. An unprecedented farm boom, driven by inflating agricultural commodities prices the world over, has lifted Monsanto stock out of its doldrums. Since bottoming out near $48 in October, shares of the St. Louis company have gained 40% and touched a 52-week high of about $77 on Feb. 2. Midday Thursday on the New York Stock Exchange, they were trading at $70.25.
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