(SYT - Free 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.
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.
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%.
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.
On the valuation front, SYT's forward P/E of 15X is a premium to its peer average of 12X.
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.
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Michael Vodicka is the Momentum Stock Strategist for Zacks.com. He is also the Editor in charge of the Zacks Momentum Trader Service.