UPDATE: BMO Capital Markets Downgrades Agrium to Market Perform on
BMO Capital Markets downgraded Agrium (NYSE: AGU) from Outperform to Market Perform and maintained a $120.00 price target.
BMO Capital Markets commented, "AGU should have a robust H1 serving large North American acreages, though Q1 comps will be challenging as Q1/12 was an early spring, while cold and wet weather has persisted this Q1. Agrium is well run and business prospects remain robust, but the stock has been pushing up on reasonable sum-of-the-parts valuation ranges for some time and we do not see any near-term transactions to materially improve this range. Fertilizer stocks could be pressured this year from corn price futuress, and the trade is turning toward potash- and phosphate-heavy producers… versus nitrogen-heavy producers from weakening urea/ammonia nitrogen sentiment… and higher gas prices.
Agrium closed at $107.21 on Monday.
Latest Ratings for AGU
|Sep 2016||Bank of America||Downgrades||Neutral||Underperform|
|Sep 2016||BMO Capital||Downgrades||Outperform||Market Perform|
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