MON closed down 2%, which is tantamount to a moral victory insofar as management had to retract its highly touted FY2012 guidance. I think one reason the stock didn’t do worse today is that CEO Hugh Grant was contrite and did not try to BS his way out of an embarrassing situation. Moreover, even after the lowered FY2012 guidance, MON remains a great growth story, IMO.
Morgan Stanley issued a report this morning after MON released the quarterly numbers and the CC slides (but before the actual CC) reiterating an Outperform rating and $106 price target. I have the report in printed form and will post excerpts from it later.
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