Scotia Capital Has Sector Outperform on Agrium

Scotia Capital is out with a research report on Agrium Inc.

and it has a Sector Outperform rating and a $109 price target on shares. In a note to clients, Scotia Capital writes, "Target unchanged. We are comfortable with our $109/sh one-year target price, and will revisit this when we roll-forward valuations to 2013. However, our bias is higher, not lower, due to retail and nitrogen strength. Multiple expansion could occur as investors seek shelter from what could be shaky phosphate and potash markets heading into 2012." Shares of AGU closed at $79.93 on Friday.