UPDATE: Morgan Stanley Resumes Coverage on Potash Corporation of Saskatchewan with Equal-Weight Rating on Cautious Market Outlook

In a report published Monday, Morgan Stanley analyst Vincent Andrews resumed coverage on Potash Corporation of Saskatchewan POT with an Equal-Weight rating. In the report, Morgan Stanley noted, “We are resuming coverage of Potash Corp. with an Equal-weight rating. We remain cautious on the overall potash market, though more because of loose supply/demand fundamentals than because of dynamics in Russia/Belorussia. Potash prices have been moving lower for 8 quarters in a row now (7 of which BPC was fully functioning) and prices were continuing to drift lower in the weeks preceding the BPC break-up (recall Mosaic's disclosure about lower prices in the Brazilian market on its July 16th earnings call).” Potash Corporation of Saskatchewan closed on Friday at $32.46.