Monsanto Hits 52-Week High Following Earnings Beat

NEW YORK (TheStreet) -- Shares of Monsanto(MON) reached a new 52-week high Monday a few days after the agricultural products the company bested analysts' quarterly earnings estimates.

Monsanto shares hit a 52-week high of $79.14. The stock has fallen back a bit but is still up 1.4% to $78.61 on Monday.

The company reported earnings of 23 cents a share, higher that analysts' average views of 16 cents. Monsanto also noted that fiscal 2012 earnings would be at the high-end of its narrowed estimate of between $3.39 and $3.44 a share.

In part because of strong Latin American growth in both seed corn and seed soy, Ticonderoga Securities analyst Mark Gulley on Monday raised his 2012 and 2013 fiscal-year earnings per share estimates to $3.60 and $4.45, respectively, from $3.52 and $4.37. ulley has a hold rating on the company.

Eight of the 22 analysts covering the company consider Monsanto a hold, according to Thomson Reuters data. Another eight called it a buy, five rated it a strong buy and one said it's a sell. TheStreet Ratings gives Monsanto a B and called it a buy with a $100.64 price target.

-- Written by Alexandra Zendrian

>To contact the writer of this article, click here: Alexandra Zendrian

>To submit a news tip, send an email to: [e-mail].

>To follow the writer on Twitter, go to Alexandra Zendrian.

>To order reprints of this article, click here: Reprints