UPDATE: Desjardins Downgrades Agrium

According to a research report published Thursday, Desjardins has lowered its rating on Agrium AGU from Buy to Hold; without lowering the target price of $106.30. In the report Desjardins stated, “We are adjusting our recommendation on Agrium's shares to Hold–Average Risk (from Buy), driven by substantial price appreciation. Our target price of C$106.30/share remains unchanged. Following yesterday's updated forecast by the USDA, we are moving to a Hold recommendation for several reasons, including: Price appreciation so far during 2012,Lots of positive news already priced into Agrium's shares, USDA updated corn production forecast—return to normalized levels [and] USDA updated global corn inventory forecast—return to normalized levels.” Agrium closed at $89.47 on Wednesday.