UPDATE: Citigroup Raises PT to $104 on Agrium on Higher EPS Expectations
Citigroup reiterated its Neutral rating on Agrium (NYSE: AGU) and raised its price target from $100 to $104.
Citigroup noted, "AGU has a solid retail business with steady margins while its wholesale fertilizer business benefits from improving farmer income and pent-up fertilizer demand. While a rising Ag tide should lift all boats going forward, we think that AGU's earnings leverage due to rising fertilizer prices is not as powerful as other fertilizer producers."
Agrium closed at $97.27 on Tuesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.