UPDATE: Raymond James Downgrades Potash
Raymond James on Wednesday downgraded Potash Corp. of Saskatchewan (NYSE: POT) to Market Perform from Outperform.
Analyst Steve Hanson said the rating is based upon the strong upside move in Potash shares over the past several months.
Hanson states, "While recent industry data continue to support our view that global potash fundamentals remain on the mend, we believe that recent share price gains, coupled with a commensurate expansion of the firm's underlying trading multiple, have together reduced the risk-reward proposition available to investors."
Potash shares closed at $37.22 on Tuesday.
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