UPDATE: BMO Capital Markets Downgrades CF Industries to Market Perform on Tough 2013 Comps
BMO Capital Markets downgraded CF Industries Holdings, Inc. (NYSE: CF) 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.
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