UPDATE: AltaCorp Capital Reiterates Outperform Rating, Raises PT on Agrium

In a report published Wednesday, AltaCorp Capital reiterated its Outperform rating on Agrium

, and raised its price target from $103.00 to $123.00. AltaCorp noted, “Agrium remains bullish on its Retail segment in 2013 citing that farmers are willing to invest in greater acreage for 2013 due to the current price environment...Agrium forecasted that the drought will bring about robust fertilizer demand for H2/12. Management commented that crops use the majority of nutrients early on in the growing season which bodes well for nutrient removal, thereby lending support to stronger application rates for the upcoming fall and spring seasons. However, continued dry, hot conditions over the fall could lead to some delays in purchasing potash and phosphate during that period.” Agrium closed on Tuesday at $95.39.