National Bank Financial Reiterates Underperform on Agrium on Lowered Q1/F13 Estimates

In a report published Friday, National Bank analyst Robert B. Winslow reiterated an Underperform rating and $91.50 price target on Agrium AGU. In the report, Winslow noted, “Lowering our aggressive Q1/F13 estimates. We believe the wetter/cooler U.S. Midwest weather will more than offset high current grain prices in terms of Retail's Q1 results. Thus we now forecast $2.14 bln segment sales and $358 mln gross profit (i.e., 16.8%) vs. our prior $2.72 bln sales and $519 mln gross profit (i.e. 19.1%) estimates. This revision cuts our Q1E EPS to $1.37 from $1.80 and compares with Thomson ONE consensus of $1.33.” Agrium closed on Thursday at $103.04.