UPDATE: National Bank Financial Upgrades Potash Corporation to Saskatchewan to Sector Perform, Raises PT Following Q2/F13 Miss

In a report published Friday, National Bank Financial analyst Robert B. Winslow upgraded the rating on

from Underperform to Sector Perform, and raised the price target from $37.00 to $39.00. In the report, National Bank Financial noted, “Q2/F13 missed expectations as healthy volumes unable to offset pricing weakness. Net PCS sales fell 12% y/y to $2.00 bln vs. our $2.13 bln forecast while EPS was $0.73 vs. our $0.80 forecast; Thomson ONE consensus was $2.18 bln net sales and $0.81 EPS. The miss was largely attributable to y/y pricing weakness with average realized prices per MT down 18% for potash, 7% for nitrogen and 6% for phosphate.” Potash Corporation of Saskatchewan closed on Thursday at $37.44.