UBS, CIBC Cut Targets on Agrium (AGU), But Stock Up on CF/TRA M&A News

Several analysts lowered their price target on Agrium (NYSE: AGU) this morning, following news in the agriculture sector that CF Industries (NYSE: CF) has offered to acquire Terra Industries (NYSE: TRA) in a deal valued at $2.1 billion. The entire ag sector, save CF Industries, is trading higher on the M&A news.

As for the price target changes:

• UBS lowered its price target on Agrium from $44 to $41, but maintained a Buy rating.
  
• CIBC moved its target on AGU from $65 to $60.

Shares of Agrium are currently up 4.1% to $33.38.

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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