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Analyst Actions: CIBC Downgrades Potash Corp. to Sector Performer, Cuts Price Target to US$54

CIBC World Markets has downgraded Potash Corp. of Saskatchewan (POT.TO, POT) to sector performer from sector outperformer and reduced its price target to US$54 from $60, citing lacklustre demand in potash markets.

CIBC also cut its 2012 earnings per share estimate to US$3.33 from $3.46, and its 2013 EPS forecast to $3.57 from $4.03.

"As global demand is expected to remain flat year-over-year (India continues to sit on the sidelines and distributors are unwilling to restock), we expect potash pricing to follow suit," CIBC analyst Jacob Bout wrote in a research note.

TSX-listed shares are currently down 43 cents at $45.86 but remain well off the 52-week low of $38.31, reached June 4.

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.

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