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Syngenta AG (SYT - Analyst Report) is trading strong off the secular growth story in agriculture, recently hitting a new 52-week high on another good quarter. Estimates have since jumped higher, providing more support for this Zacks #1 rank stock.

Company Description

Syngenta AG operates as an agribusiness, primarily engaged in developing and selling seeds and crop protection nutrients. The company was founded in 1999 and has a market cap of $31 billion.

With a growing global population pressuring food resources, agriculture companies have been scooping up big gains. That trend was on display in mid April when Syngenta reported strong Q1 results that came in ahead of expectations.

First-Quarter Results

Revenue for the period was up 14% from last year to $4.02 billion. The nice jump in revenue was led by strength in Europe, Africa and the Middle East, where sales increased 20% from last year on good results in both seeds and crop protection. Latin America was a close second, with sales up 16%.

Estimates

The analysts went ahead and raised estimates off the good quarter, with the current year adding 73 cents to $4.53. The next-year estimate tacked on 46 cents, climbing to $4.98, a 10% growth projection.

Valuation

On the valuation front, SYT's forward P/E of 15X is a premium to its peer average of 12X.

12-Month Chart

On the chart, SYT has been trading strong for the last year, getting an extra boost on the strong quarter to jump into a new multi-year high. Look for support from the long-term trend on any weakness, take a look below.

Last Week's Momentum Zacks Rank Buy Stocks

Baker Hughes, Inc. (BHI) continues to trade in elevated territory near its 52-week high after reporting strong Q1 results in late April that came in ahead of expectations. With an average earnings surprise of 14% over the last four quarters and bullish 29% growth projection, this Zacks #1 rank stock is an energetic pick for momentum. Read Full Article.

Celanese Corp (CE) continues to trade like an all-star, recently hitting a new 52-week high on the heels of strong Q1 results that included a 16% earnings surprise. With estimates on the rise and a bullish growth projection, this Zacks #1 rank stock has some nice upward momentum. Read Full Article.

Macy's, Inc. (M) is fresh off the heels of an impressive 67% Q1 earnings surprise that sent shares jumping to a new multi-year high. With a high industry rank and bullish growth projection, this Zacks #1 rank stock is a shopping spree of momentum. Read Full Article.

Amerigroup Corp (AGP) continues to look strong on the chart, recently hitting a new all-time high after reporting an impressive 63% earnings surprise in late April. Estimates have since jumped higher, providing more support for this Zacks #1 rank stock. Read Full Article.

Michael Vodicka is the Momentum Stock Strategist for Zacks.com. He is also the Editor in charge of the Zacks Momentum Trader Service.

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