UPDATE: Raymond James Reiterates Outperform Rating, Lowers PT on Potash Corporation

In a report published Friday, Raymond James Financial reiterated its Outperform rating on Potash Corporation of Saskatchewan

, but lowered its price target from $60.00 to $58.00. Raymond James noted, “POT expects record potash shipments into the US during the second half, largely underpinned by depleted distributor inventories, strong crop price incentives, and growing nutrient deficits across key growing states. Brazilian demand is also seen to be accelerating, while S.E. Asia and China are also viewed favourably. Looking into next year, management indicated that FY2013 global demand is likely to breach a new record, with shipments possibly exceeding 60.0 mln tonnes.” Potash Corporation of Saskatchewan closed on Thursday at $44.99.