Terra Industries (TRA) At New 52-Week High on Merrill Upgrade

After moving up by more than 4% by noon, shares of Terra Industries (NYSE: TRA) barely held onto gains today and closed the day up only $0.13. Terra's stock gapped open almost 2% higher than Friday's closing price on news that a Merrill Lynch analyst upgraded the stock and its fertilizer industry, citing increases in the price of fertilizer.

Merrill Lynch upgraded Terra Industries from Neutral to Buy and set a $50 price target. The firm commented that the price of fertilizer has drastically increased over the last month, driven by higher futures prices for corn, soy, and wheat. In addition, the firm raised its FY08 EPS estimate from $4 to $5, versus the consensus of $3.18.

Shares of Terra Industries set a new 52-week high today when the price went as high as $41.80 just after noon.

Terra Industries, Inc., together with its subsidiaries, engages in the production and marketing of nitrogen and methanol products for agricultural and industrial markets in the United States, Canada, and the United Kingdom.

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