UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT on Agrium

In a report published Monday, Bank of America Merrill Lynch reiterated its Buy rating on Agrium (NYSE: AGU), and raised its price target from $118.00 to $121.00.

BofA Merrill Lynch noted, “As the Americas' leading distributor of crop inputs (fertilizers, seeds and crop protection chemicals), Agrium has assembled a valuable, scarce asset base that would be difficult to replicate. However, shares trade at a discount to peers, both in the fertilizer and distribution industries, perhaps due to Agrium's acquisitive nature and the inherent volatility of commodity fertilizers in the Wholesale segment. We judge this discount to be large enough and expect value to be unlocked over time.”

Agrium closed on Friday at $95.02.

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