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UBS Cuts Price Targets on Potash (POT), Agrium (AGU)
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UBS lowered its price target on Potash Corp. (NYSE: POT) from $308 to $180. The firm also lowered its price target on Agrium (NYSE: AGU) from $135 to $80.
Ag names are selling-off today amid the dizzying slide in the broader markets. Potash is currently down 14% to $82.28 and Agrium is down 14.5% to $35.12.
Agriculture stocks have been absolutely beaten down over the last several days of trading. The jolt hit the sector after Mosaic (NYSE: MOS) reported mixed Q1 earnings and gave a concerning production outlook, lowering its FY09 phosphate sales volume. Shares of Mosaic initially fell 41% on the news, and are continuing lower today, down about 16% with the majority of the ag names.
Since the Mosaic report, shares of Potash have fallen more than 35%, while Agrium has fallen from $55 to under $35, or a 36% decline over just 3 days of trading. Elsewhere in the sector: Monsanto (NYSE: MON) down 9%, CF Industries (NYSE: CF) down 5%, Terra Industries (NYSE: TRA) down 10%, Intrepid Potash (NYSE: IPI) down 12%.
Potash Corporation of Saskatchewan, Inc. engages in the production and sale of fertilizers, and related industrial and feed products in North America.
Agrium, Inc. produces and markets agricultural nutrients, industrial products, and specialty products worldwide, as well as involves in the retail supply of agricultural products and services in North and South America.
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