UPDATE: Scotia Capital Upgrades Potash Corporation of Saskatchewan to Sector Outperform

Scotia Capital is out with its report today on Potash Corporation of Saskatchewan

, upgrading POT to Sector Outperform from Sector Perform. In its report, Scotia Capital writes, "We have upgraded POT back to 1-Sector Outperform. We think POT @ ~$50/sh (11x 2012E EPS) is too compelling to stand by at a 2-Sector Perform, especially given that our downgrade had nothing to do with fundamentals (i.e., 14% Q2/11 earnings beat, raised guidance, and a stronger outlook). We suggest investors aggressively take advantage of this opportunity to add to their POT positions, based on the stock's recent underperformance relative to its North American peers." At the time of posting, shares of POT were trading pre-market at $51.81, up 1.17% from Monday's close.