UPDATE: HSBC Global Research Upgrades Agrium on Preference for Phosphates
In a report published Monday, HSBC Global Research analyst Yonah Weisz upgraded the rating on Agrium (NYSE: AGU) from Neutral to Overweight, and raised the price target from $95.00 to $105.00.
In the report, HSBC Global Research noted, “Investors have been battered by storms in all three nutrient sectors as major disruptions hit the broad fertiliser world in the past six months. As a result, time horizon and risk/reward have become much more important factors for investment decisions. Urea prices may have bottomed out, though lack near-term catalysts. Potash producers are still reeling, but we think the worst of the crisis has passed, and prices may rise in the medium term. The eventual return of Indian demand means phosphates have the clearest road to recovery, and this nutrient is our preferred of the three.”
Agrium closed on Friday at $85.55.
Latest Ratings for AGU
|Nov 2016||Standpoint Research||Downgrades||Buy||Hold|
|Sep 2016||BMO Capital||Downgrades||Outperform||Market Perform|
|Sep 2016||Bank of America||Downgrades||Neutral||Underperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.