UPDATE: Potash Shares Leading Sector Higher with Raymond James Upgrade
In a report published Monday, Raymond James analyst Steve Hansen upgraded Potash Corp. of Saskatchewan (NYSE: POT) from Market Perform to Outperform and raised the price target from $30.00 to $37.00.
Hansen noted that the "dark clouds" overhanging potash are starting to lift but the industry outlook remains "opaque". The analyst commented that the recent pullback has created an attractive point for long-term value oriented investors. Raymond James added that recent events suggest that Uralkali and Belaruskali may be interested in repairing their former marketing relationship.
Potash Corp will report fourth quarter results pre-market on January 30.
Shares of Potash Corp closed at $31.74 on Friday and have traded as high as $32.40, up 2.08%.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.