UPDATE: Dahlman Rose Upgrades Agrium to Buy, Sets $120 PT

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In a report published Friday, Dahlman Rose upgraded its rating on Agrium (NYSE: AGU) from Hold to Buy, and set a $120.00 price target.Dahlman Rose noted, “It seems as if it is a rite of Spring--we are raising our near-term outlook for the ag sector as well as some selected equities to reflect a combination of bullish news flow, better-than-expected price levels, and rebounds from earlier price erosion. We are upgrading our ag sector outlook to attractive, and upgrading the shares of Agrium (AGU), CF Industries (CF), and Rentech Nitrogen Partners (RNF) to Buy from Hold. We believe that despite the run some of the shares have made, there are still likely to be upside surprises benefiting the shares from USDA reports coming up and potentially weaker South American crop production data. We believe most of the benefit we see will be on the nitrogen products.”Agrium closed on Thursday at $110.88.

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