In a report published Monday, Raymond James analyst Steve Hansen upgraded Potash Corp. of Saskatchewan POT from Market Perform to Outperform and raised the price target from $30.00 to $37.00.
Hansen noted that the "dark clouds" overhanging potash are starting to lift but the industry outlook remains "opaque". The analyst commented that the recent pullback has created an attractive point for long-term value oriented investors. Raymond James added that recent events suggest that Uralkali and Belaruskali may be interested in repairing their former marketing relationship.
Potash Corp will report fourth quarter results pre-market on January 30.
Shares of Potash Corp closed at $31.74 on Friday and have traded as high as $32.40, up 2.08%.
Shares of Agrium AGU, The Mosaic Company MOS, CF Industries Holdings CF and Intrepid Potash IPI are all trading down today.
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