????過去幾年來，華爾街一直對孟山都的前景有點不以為然,，部分原因是因為市場反對轉(zhuǎn)基因作物的呼聲甚高,。但近幾個財季，分析師卻開始逐步調(diào)高孟山都的股價,。這家公司公布第一財季的業(yè)績后,，富國銀行（Wells Fargo）就這么做了。今年四月,，這家公司宣布又成功收獲一個財季后,，摩根大通（J.P. Morgan）也隨之跟進。上周三,，花旗集團（Citigroup）的P.J.祖維卡干脆稱孟山都為“我們在農(nóng)業(yè)領(lǐng)域最鐘情的名字”,，同時把它的目標股價設(shè)為125美元——而當天交易價格很快就超越這個價位（上周四，孟山都的股價略有回調(diào),，但仍然高于每股125美元）,。

????而在買方也同樣可以看出這樣高漲的情緒。就在五月,，格倫維尤資本管理公司（Glenview Capital Management）的拉里?羅賓斯在佐恩投資會議（Sohn Investment Conference）上堅稱,，孟山都的股價——當時約為110美元——被嚴重低估了。盡管他對孟山都保持高達158億美元“干粉”（現(xiàn)金）的“囤積資本”多有不滿，但仍非?？春眠@家公司的前景,。這家公司擁有“極高的準入門檻”，同時由于農(nóng)戶基本上都和它簽訂了終生協(xié)議,，它還享有“永久性地區(qū)壟斷”,。他還指出，盡管未來15到20年中“玉米需求將翻倍”,，但“種植面積卻不會同步增加”,，從而要求畝產(chǎn)量必須遠高于現(xiàn)在的水平。他說：“在現(xiàn)實世界中,，我們不可能按有機方式解決世界的饑荒問題,。”

????顯然,，并不是所有的人都認同這個判斷,，但華爾街卻似乎很是贊同。農(nóng)戶們也是如此,。（財富中文網(wǎng)）

????譯者：清遠

????For several years, Wall Street had been skittish about Monsanto’s prospects, in part because of the loud opposition to GMOs. No longer. Just over the past few quarters, analysts have been ratcheting up their target prices. Wells Fargo did so after the company’s first quarter results were announced. J.P. Morgan followed in April after another successful quarter. On Wednesday, Citigroup’s P.J. Juvekar called Monsanto “our favorite name in ag,” and set a price target of $125 — which was quickly surpassed in the day’s trading. (On Thursday, shares sank slightly, but were still trading just above $125.)

????Such sentiments are also found on the buy side. In May, Larry Robbins of the hedge fund Glenview Capital Management insisted during the Sohn Investment Conference that Monsanto’s shares — then trading at about $110 — were way undervalued. Though he complained about Monsanto “hoarding capital” with its $15.8 billion in “dry powder” (cash), he enthused about the company’s prospects. It enjoys “massive barriers to entry” and “perpetual local monopolies” thanks to farmers basically signing on with Monsanto for life. He noted that while “corn demand will double” over the next 15 or 20 years, “acres won’t,” necessitating far greater yields. “In the real world, we cannot solve world hunger on an organic basis,” Robbins said.

????Clearly, not everybody agrees with that assessment, but Wall Street sure seems to. And so do farmers.