Investment analysts at National Bank dropped their target price on shares of Potash Corp (NYSE: POT) from $42.00 to $35.50 in a note issued to investors on Monday. The firm currently has an “outperform” rating on the stock.
The analysts wrote, “Improving weather forecasts for key U.S. corn/wheat-growing regions, and for many parts of the Black Sea area, have seen corn/wheat prices under pressure of late. Coupled with the “risk-off” trade that has hurt many commodities, we now estimate grains are ~2% below the mid-point of the current price cycle (Ex. 1). This latest price drop is like that of December 2011, when fertilizer prices/demand were significantly impaired.”
Potash Corp traded down 0.24% on Monday, hitting $37.44. Potash Corp has a 1-year low of $37.49 and a 1-year high of $62.60. The company has a market cap of $32.158 billion and a price-to-earnings ratio of 11.62.
Potash Corp last released its earnings data on Thursday, April 26th. The company reported $0.56 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.64 by $0.08. The company’s quarterly revenue was down 20.8% on a year-over-year basis. Analysts expect that Potash Corp will post $0.96 EPS next quarter.
A number of other firms have also recently commented on POT. Analysts at UBS AG (NYSE: UBS) cut their price target on shares of Potash Corp from $60.00 to $56.00 in a research note to investors on Friday, April 27th. They now have a “buy” rating on the stock. Separately, analysts at Susquehanna downgraded shares of Potash Corp from a “positive” rating to a “neutral” rating in a research note to investors on Friday, April 27th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Potash Corp in a research note to investors on Monday, April 23rd. They now have a $46.00 price target on the stock.
Potash Corporation of Saskatchewan Inc. (PCS) is an integrated fertilizer and related industrial and feed products company.
