Goldman Sachs Dowgrades CF Industries Holdings to Sell (CF)

Goldman Sachs is out with its report today on CF Industries Holdings

, downgrading CF from Neutral to Sell. In a note to clients, Goldman Sachs writes, "Downgrading CF to a relative Sell from Neutral on risk to nitrogen prices with 13% downside to our $111, 12-month price target. We expect CF will underperform peers as a fall in nitrogen prices in 2012 drives an earnings shortfall versus expectations. Our revised 2012 EPS of $8.91 is 29% below the consensus, consistent with our outlook for a moderation in corn prices to more appropriate levels and an associated decrease in nitrogen prices." Shares of CF closed Friday at $127.40.