Fertilizer giant Agrium Inc. ( AGU ) on Wednesday caught some positive commentary from analysts at TD Newcrest.
The firm said it upgraded AGU from "Buy" to "Action List Buy" with a $115 price target, suggesting a potential 71% upside to the stock's Tuesday closing price of $67.41.
A TD Newcrest analyst commented, "We view the stock as oversold, as it has fallen 20% since late-October, while peers have dropped less (POT down 17%, CF Industries down 14%). In our view, this has been mainly driven by global economic growth concerns as fertilizer sector fundamentals have remained relatively strong."
Agrium shares were unchanged in premarket trading Wednesday.
The Bottom Line
Shares of Agrium ( AGU ) have a .16% dividend yield, based on last night's closing stock price of $67.41. The stock has technical support in the $60-$64 price area. If the shares can firm up, we see overhead resistance around the $70-$75 price levels.
Agrium Inc. ( AGU ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
