UPDATE: BMO Capital Markets Downgrades CF Industries to Market Perform on Tough 2013 Comps

BMO Capital Markets downgraded CF Industries Holdings, Inc.

from Outperform to Market Perform and lowered the price target from $235.00 to $225.00. BMO Capital Markets noted, "A steep inverse corn price dynamic is playing out again, and could stir up headwinds for fertilizer stocks in H1/13, though corn prices could push up again after this week's USDA reports in time for the seasonally strong pre-spring period for fertilizer equities. Though nitrogen volume is currently relatively lower risk (applied every year, another large U.S. corn acreage in 2013 etc.), CF faces tough y/y earnings comps in 2013 as gas prices are trading higher, and nitrogen prices are unlikely to match 2012 levels." CF Industries closed at $210.09 on Monday.