UPDATE: Miller Tabak Lowers PT on Agrium on Trimmed Q1 Revenue Assumption
In a report published Monday, Miller Tabak analyst Tim Tiberio reiterated a Hold rating on Agrium (NYSE: AGU), but lowered the price target from $104.00 to $101.00.
In the report, Tiberio noted, “Although our initial top-line Q1 estimate was below consensus, we are trimming our Q1 revenue assumption again to $3.55bn from $3.65bn or below consensus of $3.67bn. We now expect retail revenue to decline by 1-3% y/y vs. +2-4% previously. We note that a prolonged winter in Canada and late winter storms in the US corn-belt have pushed spring planting back by 2-4 weeks depending on locale. Furthermore, the magnitude of y/y linearity has been difficult to peg, due to a record early start last year and a head fake by Punxsutawney Phil this year.”
Agrium closed on Friday at $100.57.
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