- Agrium (AGU) is reiterated with a Buy rating and a new $102 price target, lifted from $93, at UBS, which believes fertilizer markets are bottoming as agriculture fundamentals and crop prices improve.
- The firm says the recent run-up in crop prices has improved sentiment on ag-related names and could bode well for farmers' income and willingness to spend on fertilizers going forward.
- AGU hosted an investor day last week, and UBS sees the data provided by the company as a proxy for the state of the broader fertilizer industry, given that the company is a large player in nitrogen, phosphate and potash markets.
- Related tickers: POT, MOS, CF, IPI.