Monsanto (NYSE:MON) Looks on Course for Mid-Teen Growth

Measured by the number of projects being put forth by Monsanto (NYSE:MON), Jefferies sees them a being in line with their with the company's projection of EPS growth in the mid-teens over the next 3 to 5 years.

Jefferies noted that Monsanto has started nine R&D projects in the quarter, adding four new projects: two wheat, one canola, and one corn.

That brings the overall pipeline to 18 projects over the last couple of years, which Jefferies says is consistent with their 3 to 5 year EPS growth strategy.

Jefferies is raising their EPS estimate on Monsanto for full year 2011 and full year 2012 from $2.80 and $3.20 to $2.82 and $3.25.

They maintain a "Hold" rating on Monsanto, which was trading at $71.39, gaining $0.48, or 0.68 percent, as of 12:48 PM EST. Jefferies boosted their price target on the company from $60 to $68.