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Merrill Lynch downgrades Potash Corp.(Brief Article)
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Chemical Market Reporter
- Article date:
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September 8, 2003
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Copyright informationCOPYRIGHT 2003 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MERRILL LYNCH analyst Donald Carson has downgraded Potash Corp. of Saskatchewan (Potash Corp.) from "buy" to "neutral" based oil valuation as its shares have surged beyond the analyses $70 price target. As of last midweek, shares of Potash Corp. were trading at around $71.50 after reaching a new 52-week high of $72.85 earlier in the week.
"We believe the market has largely priced in a potential Potash Corp. acquisition of a 26 percent stake in Arab Potash Corp., which would be positive for global potash markets due to Potash Corp.'s production and price discipline," says Mr. Carson. "Potash Corp.'s shares are now trading at an 8.7x multiple of our 2004 EBITDA estimate ...
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