UPDATE: J.P. Morgan Lowers PT on Agrium Following Reduced EPS Estimates

In a report published Tuesday, J.P. Morgan analyst Jeffrey J. Zekauskas reiterated a Neutral rating on Agrium AGU, but lowered the price target from $98.00 to $92.00.

In the report, J.P. Morgan noted, “We reduced our EPS estimates for Agrium to reflect unfavorable weather conditions for the Retail operation, delays in the closing of the accretive Viterra Retail transaction, volatile natural gas feedstock prices in Canada and flat to decreasing price trends in all of the major nutrient categories. We reduced our 2013 EPS estimate from $10.65 to $9.65 and our 2014 EPS forecast from $10.75 to $9.75. We lowered our price target to $92 from $98 as we moved it forward by one year to Dec-14. We rate AGU Neutral.”

Agrium closed on Monday at $89.33.

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Posted In: Analyst ColorPrice TargetAnalyst RatingsJ.P. MorganJeffrey J. Zekauskas
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