UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Potash Corporation of Saskatchewan

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Potash Corporation of Saskatchewan POT, but slightly lowered its price target from $51.00 to $50.00. Canaccord Genuity noted, “This is in line with our previous comments regarding the near-term expected underperformance of the potash producers. We do not expect the potash market to show positive catalysts until we near spring 2013. As a result, we continue to believe that companies with large potash exposure will underperform their agricultural peers with low or no potash exposure in the near term. We assume the potash market will begin to stabilize and improve as we near spring 2013. As a result, we believe there is a potential relative trade to occur in 2013 that would favour the potash producers, given their sizeable underperformance over the past year versus their non-potash agricultural peers, and for that reason, we remain with a one-year positive outlook on the potash names.” Potash Corporation of Saskatchewan closed on Tuesday at $41.50.