Soleil Raises Estimates on Potash (POT); Maintains Hold

Soleil Securities Group raises its FY08 and FY09 EPS estimates on Potash Corp. (NYSE: POT) from $10.48 to $11.40 and from $17.66 to $18.21, respectively. Soleil's estimates are 29% higher than the Street's FY08 estimate of $8.84 and 43% above the Street's FY09 estimate of $12.70.

The firm believes the key earnings issue for Potash at this time is how long it will take for the price of potash to reach the $1,000/tonne level, and how sustainable this price is.

Soleil currently has a Hold rating and $213 price target on shares of Potash. The firm said it did not raise its price target on Potash as it believes shares are already fully valued.

Potash Corporation of Saskatchewan, Inc. engages in the production and sale of fertilizers, and related industrial and feed products in North America. [BCS]

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