BofA Cuts Interpid Potash (IPI) to Neutral, Agrium (AGU) to Underperform

An analyst at BofA Merrill Lynch downgraded two fertilizer plays Monday morning amid "market uncertainty related to Europe's fiscal/budget concerns, the downgrade of US long-term debt ratings, and other issues..."

Shares of Interpid Potash (NYSE: IPI) were downgraded from Buy to Neutral while shares of Agrium (NYSE: AGU) were lowered from Neutral to Underperform.

"Benefits from unusually favorable backdrop for fertilizer makers are balanced by rising macro-level risks plus company-specific and technical factors," BofA contends.

The firm maintains shares of Potash (NYSE: POT) and Mosaic (NYSE: MOS) at Buy, but reduced its price target on Mosaic from $94 to $87. The Potash price target remains at $74.

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