TD Newcrest Upgrades Agrium (AGU) to Buy; Recent Stock Weakness Creating Opportunity
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TD Newcrest upgrades Agrium Inc. (NYSE: AGU) from Hold to Buy. Price target $60.
TD analyst says, "We are upgrading Agrium to BUY due solely to stock price weakness. Since downgrading to a HOLD on October 20, 2009, AGU’s stock price has declined 13%, consequently warranting an upgrade to BUY, in our view...The recent stock price weakness is likely attributable to weaker than expected Q3/09 EPS guidance provided by Agrium on October 23, 2009, and investor concerns that Q4/09 improvements may be challenging. Incidentally, Terra Industries (NYSE: TRA) and CF Industries (NYSE: CFN), which are AGU’s closest comparables, have ‘only’ declined 5% and 8%, respectively, from October 20 to October 26 versus AGU’s decline of 13%. As such, we believe the negative stock price reaction has somewhat overshot to the downside, providing investors with an opportunistic re-entry point, in our view."
To see more analyst ratings on AGU Click Here.
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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