Barclays on North America Fertilizers & Agriculture: Starting Coverage on AGU, CF, UAN, IPI, POT & MOS
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Price: $187.05 -0.99%
Rating Summary:
7 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 16 | New: 29
Rating Summary:
7 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 16 | New: 29
Trade CF Now!
Barclays on North America Fertilizers & Agriculture: Chasing (Crop) Yields
Analyst, Matthew J. Korn, said, "A brutal summer has been more than just a seasonal cliché for the Midwestern heart of U.S. agricultural production - the worst American drought in 56 years has devastated expected crop production, brought agricultural prices to new records, and lifted the shares of fertilizers companies. We are initiating coverage of the North America Fertilizers & Agriculture industry with a Neutral rating after this recent run-up, yet we still see very attractive upside in certain stocks. Our top pick CF Industries appears particularly well positioned for the year ahead."
"We expect outperformance from both CF Industries (NYSE: CF)(PT$250) and Agrium (NYSE: AGU)(PT$111) (a diversified but nitrogen-heavy producer) over the year ahead as the companies execute substantial buybacks and show persistent strength in earnings driven by robust nitrogen pricing..."
"Our remain ing ratings are largely assigned according to company-specific factors: Overweight(rated) on Mosiac (NYSE: MOS)(PT$68), a phosphate/potash producer with attractive valuation and dissipating operational headwinds, and Equalweight on Potash (NYSE: POT)(PT$49) (uncertain near/medium term potash outlook) and Intrepid Potash (NYSE: IPI)(EW-rated, PT $25)/CVR, largely for particular operating risks."
Barclays also initiates coverage on CVR Partners (NYSE: UAN) with an Equalweight, PT $25.
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Analyst, Matthew J. Korn, said, "A brutal summer has been more than just a seasonal cliché for the Midwestern heart of U.S. agricultural production - the worst American drought in 56 years has devastated expected crop production, brought agricultural prices to new records, and lifted the shares of fertilizers companies. We are initiating coverage of the North America Fertilizers & Agriculture industry with a Neutral rating after this recent run-up, yet we still see very attractive upside in certain stocks. Our top pick CF Industries appears particularly well positioned for the year ahead."
"We expect outperformance from both CF Industries (NYSE: CF)(PT$250) and Agrium (NYSE: AGU)(PT$111) (a diversified but nitrogen-heavy producer) over the year ahead as the companies execute substantial buybacks and show persistent strength in earnings driven by robust nitrogen pricing..."
"Our remain ing ratings are largely assigned according to company-specific factors: Overweight(rated) on Mosiac (NYSE: MOS)(PT$68), a phosphate/potash producer with attractive valuation and dissipating operational headwinds, and Equalweight on Potash (NYSE: POT)(PT$49) (uncertain near/medium term potash outlook) and Intrepid Potash (NYSE: IPI)(EW-rated, PT $25)/CVR, largely for particular operating risks."
Barclays also initiates coverage on CVR Partners (NYSE: UAN) with an Equalweight, PT $25.
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