UPDATE: Bank Of America On CF Industries Holdings Following End Of MOE Discussions

In a report published Friday, Bank of America analyst Kevin W. McCarthy reiterated a Buy rating on

, but lowered the price target from $306.00 to $283.00. In the report, Bank of America noted, “CF is settling into a steadier rhythm now following a period of substantial change that included a CEO transition, a large dividend increase, and divestiture of phosphates. Looking ahead, we see three principal reasons to continue to support CF shares: (1) a low-cost position based on inexpensive US natural gas, (2) ongoing share repurchases funded by strong cash flow, and (3) pending nitrogen capacity expansions of 25% in Louisiana and Iowa for 2H15 and 2016, respectively.” CF Industries Holdings closed on Thursday at $253.85.