UPDATE: Alta Corp Capital Downgrades Potash Corporation of Saskatchewan to Sector Perform, Lowers PT
In a report published Friday, Alta Corp Capital downgraded its rating on Potash Corporation of Saskatchewan (NYSE: POT) from Outperform to Sector Perform, and slightly lowered its price target from $46.00 to $45.00.
Alta Corp Capital noted, “We lowered our Q1 forecast and tweaked our 2013 and 2014 numbers down more modestly through a combination of lower potash volumes, prices and margins. This was partially offset by slightly higher nitrogen assumptions (volumes and margins). As a result, our Q1/13 EPS is now $0.56, from $0.66. For 2013 and 2014, our EPS is $2.98 and $3.35 respectively, down from $3.09 and $3.44 respectively. On the back of the lower forecast, we are also lowering our target to US$45, from $46 (13.5x for the period 2014).”
Potash Corporation of Saskatchewan closed on Thursday at $42.50.
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Tags: Alta Corp Capital