UPDATE: Topeka Capital Markets Reduces PT to $37 on Potash Corporation of Saskatchewan on Long-Term Headwinds

Topeka Capital Markets reiterated its Hold rating on Potash Corporation of Saskatchewan POT and lowered its price target from $27.50 to $37. Topeka Capital Markets commented, "POT's recently announced 3Q12 results were basically inline with the Company's recently lowered guidance and our expectations. Although POT is seeing volume uptake in North and South America, China and India remain key challenges for the industry to resume volume growth. Near-term headlines may provide short-term strength in POT, however we remain concerned about 2013 overall demand compared to capacity growth." Potash Corporation of Saskatchewan closed at $118.97 on Friday.