Potash Corp. Shares Back Under $100 and RBC Slashes Price Target
Submitted by WSN_Staff on Wed, 06/17/2009 - 17:11.
RBC Cut their price target on Potash Corp. (NYSE:POT) from $150 to $120 following concerning comments this morning from Germany's K+S Group. Shares of POT fell hard, down 10% to $95.
RBC Capital lowered their price target on shares of Potash (NYSE: POT) from $150 to $120 following concerning comments this morning from Germany's K+S. Despite the target reduction, RBC maintained an Outperform rating on Potash.
With shares of closing down nearly 11% to $95.59 today, the firm's price target represents potential upside of about 25.5%.
Ag and potash stocks tumbled today on the news that K+S sees very weak potash demand during 2009. Consequently, K+S lowered its potash demand estimates from about 6 million to 4-4.5 million tonnes, also suggesting that it has seen "severe price weakness and unsustainability for large quantity pricing".
More from theStockMasters.com on Potash Corp. today and their fall - Weak Demand brings Potash Corp. Shares Back Under $100
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