Dahlman Rose Maintains Sell, $41 Target on Potash Corp

Dahlman Rose remains Sell-rated with a price target of $41 on Potash Corp PAT as the company reacts to market challenges with mine shutdowns. Dahlman Rose notes, "Following the most recent TFI (The Fertilizer Institute) report, we indicated that the January potash inventory gain may indicate that additional industry cutbacks might be necessary and that the February inventory level might show additional increases. ...Sales will inevitably occur, but a flood of sales does not seem imminent given the current market situation. We see prices under pressure in the export negotiations and in the US marketplace in the near term. We see some downward price movement before the spring prior to any potash price increases, as the selling season begins." PAT closed at $47.29 a share on Wednesday.