07 February 2012 11:12 [Source: ICIS news]
LONDON (ICIS)--Bernstein Research has retained its ‘market-perform’ rating for Swiss agribusiness Syngenta, following positive results from the company’s US peers and rising crop prices, it said on Tuesday.
Bernstein said recent news and data have been positive for Syngenta's second-half 2011 earnings and for the start of 2012.
“Although earnings for the second half of the year are small due to seasonality, we find that peers' reporting and pricing trends indicate a good end of 2011 and some positive momentum for 2012,” it added.
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“Monsanto, Dow, and DuPont have all released positive results for fourth quarter 2011 [with strong
Bernstein said it believes crop protection chemicals pricing is the key "swing factor" for Syngenta.
“Although, we are more negative than the consensus view about the industry's ability to increase prices, we are starting to see some positive pricing momentum,” it said.
Bernstein rates Syngenta ‘market-perform’ with a target price of Swiss francs (Swfr) 280 (€232, $308).
Syngenta is due to report its full-year 2011 results on Wednesday.
($1 = Swfr0.92, €1 = Swfr1.21)
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