TD Securities Downgrades Potash Corp. (POT) to Hold

TD Securities downgraded Potash Corp. (NYSE: POT) from Buy to Hold with a price target of $39 (unchanged). Analyst Greg Barnes said a bumper corn crop tempers his outlook.

"With crop prices declining sharply on the back of record forecast production and potash demand expected to soften in H2/14, we are lowering our recommendation on PotashCorp to HOLD (from Buy); we are maintaining our $39.00 target price. We have updated our forecasts for Q2/14 ahead of the company reporting its Q2 results on July 24 (prior to the market open). Last week, the USDA published its July WASDE report that continues to highlight that in 2014, the corn crop is expected to be only slightly below (- 0.5%) the record bumper crop in 2013," said Barnes.

For an analyst ratings summary and ratings history on Potash Corp. click here. For more ratings news on Potash Corp. click here.

Shares of Potash Corp. closed at $35.83 yesterday.

You May Also Be Interested In

• StoneX Starts Lennar (LEN) at Hold
• StoneX Starts PulteGroup (PHM) at Buy
• Hello Group (MOMO) PT Lowered to $8 at StoneX, Buy Rating Maintained