UPDATE: Bank of America Raises PO on Agrium

In a report earlier today, Bank of America Merrill Lynch reiterates a Buy rating on Agrium

and increases it price objective from $111 to $113. Bank of America Merrill Lynch remarks, “We attended Agrium's annual investor event in Chicago, where CEO Mike Wilson and senior management updated us on the company's wholesale fertilizer and retail distribution businesses. Highlights included plans for a new green field nitrogen plant in the US corn belt, updates on various organic and external growth initiatives, and a retail panel discussion. On balance, the event reinforced our view that Agrium shares offer an appealing combination of growth prospects and defensive characteristics at an attractive valuation.” AGU closed Wednesday at $81.21.