Syngenta AG Lowered to Underperform at Zacks (SYT)
Syngenta AG (NYSE:SYT) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Thursday, Analyst Ratings Network.com reports. They currently have a $74.00 price target on the stock. Zacks‘ price target suggests a potential downside of 9.45% from the stock’s previous close.
Zacks‘ analyst wrote, “Syngenta recorded a hike in sales across all regions in the third quarter of 2013. However, sales were negatively impacted by foreign currency transactions. While sales increased 11% year over year on a constant currency basis, foreign exchanges pulled it down by 3%. The company expects foreign exchange benefits to reduce in the coming quarters, impacting earnings. Additionally, international operations of the company expose it to various geo-political risks. Syngenta expects its corn production in 2013 to be above expectations, compelling the company to write-down part of the production in excess of estimated sales. Product launches by the company, in order to gain market share, raise the risk of legal as well as compliance costs. Moreover, many resources that are spent on new products and technological developments may sometimes prove futile. Last year’s drought affected the company adversely, leading to a rise in costs. Based on these factors, we downgrade our recommendation on the company to Underperform from Neutral.”
Syngenta AG (NYSE:SYT) traded down 0.18% on Thursday, hitting $81.57. 66,720 shares of the company’s stock traded hands. Syngenta AG has a one year low of $73.11 and a one year high of $87.73. The stock’s 50-day moving average is $79.3 and its 200-day moving average is $81.31. The company has a market cap of $37.511 billion and a price-to-earnings ratio of 21.05.
SYT has been the subject of a number of other recent research reports. Analysts at HSBC upgraded shares of Syngenta AG from a “neutral” rating to an “overweight” rating in a research note to investors on Wednesday. Separately, analysts at Goldman Sachs Group Inc. cut their price target on shares of Syngenta AG from $500.00 to $480.00 in a research note to investors on Monday. They now have a “buy” rating on the stock. Finally, analysts at Credit Suisse cut their price target on shares of Syngenta AG from $420.00 to $400.00 in a research note to investors on Monday. They now have an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. Syngenta AG has a consensus rating of “Hold” and a consensus price target of $318.71.
Syngenta AG (NYSE:SYT) is an agribusiness operating in the crop protection and seeds businesses.
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