UPDATE 1-RESEARCH ALERT-BofA raises Monsanto to buy

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March 13 (Reuters) - Banc of America raised Monsanto Co (MON.N) to "buy" from "neutral" and raised earnings estimates for 2008 and 2009, saying it has grown more comfortable with two prior concerns - competitive intensity and valuation.

The brokerage said agricultural market developments once again point to a plethora of sustainable growth drivers.

The bank, which raised its price target on the U.S. agricultural biotech company to $130 from $116, said with more reasonable valuation it sees an attractive entry point ahead of strong expected results for the second quarter.

Banc of America sees a confluence of powerful drivers to support over 20 percent earnings growth beyond 2010. An industry-leading pipeline of new products and rising adoption of biotech traits in existing markets are some of the drivers, it said.

The brokerage raised its earnings estimates on the company for fiscal 2008 to $2.90 from $2.85 and for fiscal 2009 to $3.50 from $3.40. (Reporting by Manish Gupta in Bangalore; Editing by Bernard Orr)