Analyst Actions: Agrium Estimates Lowered at Credit Suisse; Shares Rise 1% in Afternoon Trade
Credit Suisse analysts have lowered earnings estimates for Agrium Inc. ( AGU ).
"We continue to believe AGU is one of the better stocks for positioning in the agriculture cycle in 2013," said Credit Suisse. "In our view, the entire group will be volatile heading into the US planting season, but we believe the recent pullback presents an opportunity to build positions, particularly for long-term holders."
The firm revised its 2013 estimates to $10.25 from $10.40 to account for lower nitrogen pricing in 2H13, as well as lower netbacks in potash than previously modeled. Their 2014 estimate goes to $10.45 from $10.50.
Shares of AGU are up 0.85% to $101.99 in afternoon trade amid a 52-week range of $74.28 - $115.31.