UPDATE: National Bank Financial Upgrades Potash

According to a research report published earlier today, National Bank Financial has upgraded Potash Corp. POT from Underperform to Sector Perform. National Bank Financial commented in the report, “Our grain price index is up ~14% in the last three months, largely on: 1. Continued S.A. weather stress that is expected to hurt corn/soybean production, and 2. Industry views that China will import more corn this year than previously expected. This grain price trend coupled with 2012 forecasts of record post-WW II U.S. corn plantings (most estimates vary between 93-95 mln acres) suggest farmers, especially those in the U.S., will vigorously return to the market to purchase fertilizer. We had previously expected a spring recovery but with grain prices rising late in Q1, we increase our Q2 EPS estimate to $1.05 from $0.98; Thomson ONE consensus is $1.07.” National Bank Financial maintains its $45 PT on Potash, which closed Friday at $45.52.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorUpgradesAnalyst RatingsNational Bank Financial
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!