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In a report published Monday, Stifel analyst Paul Massoud downgraded the rating on
AgriumAGU from Buy to Hold, and removed the $99.00 price target.
In the report, Stifel noted, “We are lowering our rating on AGU shares from Buy to Hold. In addition to lower potash prices, we believe AGU shares will also be negatively impacted by lower nitrogen prices in 2014...Based on our lower earnings estimates, we are lowering our rating on AGU shares from Buy to Hold. We believe AGU shares should benefit from the Retail segment's contribution in 2Q13, but expect lower fertilizer prices will negatively impact Wholesale segment earnings in 2014. We ascribe a 7.0x multiple to our 2014 EBITDA estimate of $2.2 billion to arrive at a fair value of $81 per share.”
Agrium closed on Friday at $83.21.
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