CIBC Raises Price Target on Agrium (AGU) to $136
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CIBC raises its price target on Agrium (NYSE: AGU) from $110 to $136. The update represents an almost 24% increase in the firm's price target.
Today, shares of Agrium are up more than a percent from Friday's closing price, trading most recently at $109.78. Agrium is seeing above average volume today: just after 11 AM ET, the stock has already traded about 2.3 million times, compared to its average daily volume of about 4.61 million.
The ag sector may be seeing increased activity today as Bunge Ltd. (NYSE: BG) announced this morning that it would buy Corn Products (NYSE: CPO) for about $4.8 billion. Bunge also raised its FY08 and FY09 EPS guidance from $7.10 and $9.35 to $7.40 and $9.65, respectively, boding well for ag stocks such as Agrium.
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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